Price Volume Breakout : Bata India Limited

Price volume breakout was seen in the Bata India stock on BSE during Monday’s trading session. A breakout is a stock price that moves outside a defined support or resistance level with increased volume. The stock has been hovering around Rs 576 per share with huge trading volume.

It touched an intraday high of Rs 579.85 per share, up by 1.19%. The total traded quantity stood at 0.49 lakh shares with turnover of Rs 1.83 crore.

The stock has gained by Rs 21 per share or 3.79% in the past five trading sessions.

Under the new Goods and Services Tax (GST) regime in the country, footwear which is priced below Rs 500 per unit will be taxed at 5% and footwear above Rs 500 mark would be taxed at 18%. GST would be a gamechanger for the footwear industry, believes market observers.

Much of the footwear sector is unorganised in the country and GST may move it to organised sector thereby making its market share in footwear industry more visible.

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