Hello friends,
I was studying the technical charts of BATA India yesterday and I found that it has formed a Double Bottom chart pattern on the weekly time frame. However, it is still not the right time to enter the stock, since the downward fall needs to stop and the stock needs to show signs of consolidation and a slight upmove. This would be proven, if it closes on a weekly timeframe above Rs. 1420 and it will become ripe for a 6-8month timeframe. My first target for the stock in that case would be Rs. 1771 and my ultimate target is Rs. 1973, from where it started manifesting the double bottom.
Disclaimer – I am not a SEBI registered analyst. Pls do your own analysis before you take your investing decision
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