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Drumbeat: Ad Buzzaar
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Friday, June 19, 1998
Bata India: Time to exit
Deepak Singh Tanwar
The stock price of Bata had shown a smart jump during 1997. However, during 1998, it has failed to repeat its performance. In fact, in the recent past, the stock has been giving weak signals.One of them has been the breach of the 15-month trendline. With this, the stock has broken its long term uptrend and which is an indication of bearish outlook. As far as the oscillators are concerned, the weekly RSI has fallen to a new low after forming negative divergences. In the process, similar to price trend, the RSI has also broken its 15-month support levels. All these factors point toward bearish future. As such, medium term investors are well advised to make an exit at the current level of Rs 130. Re-entry can be considered at lower levels. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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