Bata has formed double top in 700-740 price range indicating trend reversal from bullish to bearish. Stock rallied this year from 350 levels in jan 2011 to 700 in nov 11, despite bearish trend in our main index. Stock also slipped below its key averages like 20 and 50 DMAs. Traders can short the stock with target of 645 in short term.
Stop loss should be maintained at 700 levels.
CMP - 676 as on 14 Nov 11.
