Comments
Bonanza Portfolio
Bata India (Accumulate)
CMP: ₹1259.80
Target: ₹1380-1400
Bata India is the largest retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organisation. The company manufactures footwear for men, women and children. Today Bata is the largest shoe company in India in terms of sales and revenues. It commands around 35 per cent of market share in India. Bata India stock is in long-term uptrend, and it broke above its resistance level near ₹1,150 level in May. Since then the stock has rallied strongly on back of strong volumes and surged to high of ₹1,363. However, last few weeks has seen correction phase and the stock price is consolidating within ₹1,170-₹1350 levels. The recent fall in price gives right opportunity to make fresh entry in the stock. The stock has good medium-term support at ₹1,150 level and hence downside is likely to remain limited.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.