In the previous session, The Nifty index opened on a positive note but immediately abolished all its gain. The index slipped in sharply and went below the key support levels. Later, we have seen near 200 point recovery from day’s low. Technically, the index formed a bearish candle on the chart and still closed below the Middle band Bollinger. Due to derivative expiry day, stock specific approach is advisable for the next trading session.

Look at the below research report of ‘Stocks to Buy for – Thursday, July 29, 2021’ before the market opens.

Bata India Ltd

NSE :BATAINDIA   BSE :500043  Sector : Leather

In the daily time frame, BATAINDIA share prices are moving in the form of ‘Bullish Diamond Pattern’. It’s a bullish pattern which looks similar to diamond shape. The buying signal will be triggered when the prices break above the upper right-hand line. In addition, Stock is comfortably closed above the Middle Band Bollinger on the chart which will act as a key support for the stock. Also, the up move has been supported by Ichimoku Cloud as prices are closed near the upper cloud. The Relative Strength Index (RSI) on the daily chart is 53, which indicates bullishness.

In short, BATAINDIA looks to be positive now. Break above previous day’s high near 1603 levels will confirm the trend and could take prices towards 1640 and 1700 levels as long as we do not see any closing below Middle Band Bollinger.

Check More Analysis on BATAINDIA at: Bata India Ltd