RECOMMENDATION FROM ADITYA BIRLA MONEY : BUY BATA INDIA @ TARGET OF RS.490

Aditya Birla Money is bullish on Bata India and has recommended buy rating on the stock with a target of Rs 490 in its May 17, 2011 research report.

“Bata India has been rising in a well defined channel formed joining pivotal highs and lows. After a sharp run up from Rs 16 to 436 the stock had been consolidating in a range bound manner since last four weeks. Last week the stock has breached the consolidation range and resumed its uptrend indicating that prices could now head higher towards the upper band of the rising channel at 520. Weekly momentum though in over bought zone is rising thus supporting our bullish expectations.”

“The stock is trading above all the crucial moving averages (21, 55, 200) indicating that the short term trend is positive. Buy Bata India at CMP Rs 463.70 and on dips to Rs 453 for a target of Rs 490- 500 with stop placed below Rs 438 on closing basis,” says Aditya Birla Money research report. (source: moneycontrol.com)