In the previous session, Market had a corrective move with a negative bias throughout the day. The Nifty Index saw a flat opening in the morning session and gradually extended losses as the day progressed. The Index formed a Bearish candle on the chart and closed with a net loss of 174.65 points. The index slipped below its key support level of 18000. Hence a cautious view is advised for the day.

Look at the below research report of ‘Stocks to Buy for – Thursday, January 20, 2022’ before the market opens.

Bata India Ltd

NSE :BATAINDIA   BSE :500043  Sector : Leather

In the last trading day, stock formed a strong bullish candle on the daily chart. We can see the ‘Rounding Bottom Pattern’ has formed.’ It is a reversal chart pattern, also known as a Saucer pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. Stock is now quoting near the neckline of the pattern and further break above of its neckline level might push the prices towards upside. A break above 2060 which confirms breakout of the pattern. Along with these 20 days Moving average is acting very well on the stock. In addition, the Relative Strength Index (RSI) on the daily chart is 62.45 which indicates bullishness.

In short, BATAINDIA has continued to trade in the positive zone. Now a move above 2060 will confirm the uptrend and open up gates for higher levels towards 2230. As far as 1950 remains intact on the lower side.

Check More Analysis on BATAINDIA at: Bata India Ltd