so far in 2021 Bata India (Bata India) has been an underperformer. So far this year, the stock has shown a gain of 11 per cent. At the same time, Nifty50 has given 18 per cent and S&P BSE 200 index has given 20 per cent. However, the stock has gained 20 per cent in the last three months and is looking in a bullish territory. On August 18, this stock touched 52 weeks of Rs 1,767.90. Experts say that this momentum can take this stock towards Rs 2,000, which is 13 per cent higher than its previous closing of Rs 1,758 on BSE.
The market cap of Bata India is more than Rs 22,000 crore. It is the country’s largest footwear manufacturer and retailer. The company has 1,600 retail stores across the country.
The company’s product portfolio includes sneaker, open and sandal styles of footwear in casual, fitness and essential categories. Due to which with the improvement in the condition of Corona, its volume is increasing rapidly.
Ashish Chatur Mohta of Sanctum Wealth Management It says that the stock is trading above its short and long term moving averages. From a sentiment perspective, it has formed an inverted head and shoulders pattern which is a bearish-to-bullish trend reversal. This pattern is formed after a downtrend and its completion indicates an uptrend and a trend reversal.
Ashish Chatur Mohta is of the opinion that this stock can also be bought at the current level. On the other hand, buying will be better if you get a tip of 1,720 side. Make sure to put a stoploss of Rs 1,640 for this purchase. The target of Rs 2,000 in this stock can be easily achieved in the coming 4-6 months.
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