BATA INDIA LTDLong
Bata India Ltd - Short-Term Gap Filling Opportunity
The stock is currently trading around the 0.5 Fibonacci retracement level, which aligns with a key support at ₹1,450. The price action suggests a possible gap fill up to the previous support turned resistance at ₹1,550, which could serve as the short-term target.
Given the recent bullish momentum and the bounce from the support levels, there's a potential upside movement towards ₹1,494 (0.382 Fib level), with the possibility of extending to ₹1,550 if momentum continues.
However, failure to maintain support around ₹1,450 could see the stock retesting lower levels, with the next significant support around ₹1,407 (0.618 Fib level).
Short-Term Targets:
First Target: ₹1,494
Second Target: ₹1,550 (gap fill)
Stop Loss:
Below ₹1,429
Watch for volume confirmation and price action around these levels for potential entry and exit points.
Given the recent bullish momentum and the bounce from the support levels, there's a potential upside movement towards ₹1,494 (0.382 Fib level), with the possibility of extending to ₹1,550 if momentum continues.
However, failure to maintain support around ₹1,450 could see the stock retesting lower levels, with the next significant support around ₹1,407 (0.618 Fib level).
Short-Term Targets:
First Target: ₹1,494
Second Target: ₹1,550 (gap fill)
Stop Loss:
Below ₹1,429
Watch for volume confirmation and price action around these levels for potential entry and exit points.
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