Bata India Limited (BATAINDIA) Stock - Complete Technical Analysis - Sep 06, 2024

"Bata India Technical Analysis: Is a Rebound on the Horizon Support, Resistance

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Technical Analysis of Bata India Limited (BATAINDIA)

Bata India Limited (BATAINDIA) is currently trading at 1,406, which is approximately 19.6% below its 52-week high of 1,748.95 and about 10.8% above its 52-week low of 1,269. The stock shows a mixed technical picture.

Support and Resistance Levels:

Support Levels: The immediate support for BATAINDIA is around 1,348.6, based on classic pivot calculations. A more critical support level is at 1,244.55, which aligns with Fibonacci pivot points.

Resistance Levels: The stock faces resistance at around 1,592.35 (classic pivot R1) and 1,732.05 (classic pivot R2). The upper resistance levels from Fibonacci pivots are also significant at 1,581.41 and 1,638.94.

Technical Indicators:

MACD: Currently shows a negative value, indicating bearish momentum.

RSI: At 34.43, suggesting that the stock is in the oversold zone, potentially setting up for a rebound.

ADX: The ADX value of 21.57 shows a weakening trend, implying a potential consolidation period.

Stochastic Oscillator: The stochastic %K and RSI values both indicate oversold conditions, which might suggest a potential reversal.

Moving Averages: The stock is trading below its key moving averages, including the 10-day, 20-day, and 50-day EMA, suggesting a bearish trend. The current price is also below the 200-day EMA, which could be a bearish signal.

Average True Range (ATR): The ATR values indicate high volatility, with the most recent ATR at 544.46, suggesting significant price fluctuations.

Chart Patterns:

The stock has recently been below its key moving averages, which may imply a bearish trend. However, given the oversold indicators, there could be a potential for a technical bounce if the support holds.

Overall Analysis: Bata India Limited is currently showing a bearish trend with its price trading below most of its moving averages and key resistance levels. However, the oversold conditions indicated by RSI and stochastic oscillators suggest that there could be a potential for a price rebound. Traders should monitor the support levels closely and watch for a possible technical rebound.