Quant Pick - Bata India - Sep 30, 2020 - ICICI Securities

Recommendation

Buy Bata India in range of Rs. 1365-1395
Target: Rs. 1620
Stop Loss: Rs. 1255
Time frame: Three months

Derivatives & Quantitative Outlook

Post the March sell off, Bata India seems to have formed a good base at Rs. 1200. Since then, it has been trading in the range of Rs. 1200-1400. Now, it is coming out of the long consolidation range, which was on account of the lockdown due to Covid-19.

The open interest in the stock has declined almost 25% since the August series suggesting continuing short covering. Recently, in a highly volatile market, the stock has been balanced in the said range. However, we expect further upsides to be seen in the stock ahead of its quarterly results.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_BataIndia_Sep20.pdf

Shares of BATA INDIA LTD. was last trading in BSE at Rs.1318 as compared to the previous close of Rs. 1346.2. The total number of shares traded during the day was 39197 in over 3197 trades.

The stock hit an intraday high of Rs. 1371.05 and intraday low of 1308.9. The net turnover during the day was Rs. 51943682.

Source : Equity Bulls

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