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Bata India Technical Analysis suggests that the stock has peaked out. On price action chart analysis, the stock is trading in a channel and prima facie it seems that the stock is forming an M or Double Top chart pattern. In the recent past, the stock has followed the M or W (Double Bottom Pattern). Therefore, the probability of following an M pattern is also high.
The channel + M pattern is a sort of repetitive or harmonic pattern for the Bata India Technical Analysis. It is also forming an enclosed pattern of the triangle. All these patterns suggest a bearish view.
On divergence, Bata India Technical Analysis shows a bearish divergence. The Fibonacci Retracement also suggest that it can retrace up to 50% level i.e. Rs 1157. This level is also a 200 Day EMA for the stock. Currently, it is trading near 20 DEMA. If it breaks this level then it will definitely take support at 200 DEMA.
The traded value and delivery % data suggests that speculative positions are built in this stock. The delivery % is very low and traded value is high. There is a perfect correlation between Bata India and the Nifty.
Lastly, option chain analysis suggests a bearish view for this month’s expiry. All the technical setup are bearish for this stock.
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