Bata India (BUY, above Rs359, Target Rs375): Based on daily line chart, the stock has broken past three weeks resistance line. The stock was stalling around the downward sloping resistance line since last two weeks. A close above the resistance zone accompanied with heavy volumes is likely to take the stock towards the levels of Rs380 and above in the near term. Similar breakout is observed on the daily RSI. Inverted Hammer candlestick was seen on Wednesday, which is likely to act as a strong support on any declines. Furthermore, the support also coincides with 100-DMA. We recommend traders to buy the stock above Rs359 with stop loss of Rs353 for target of Rs375.
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