Bata at a Crossroad – Is It Ready for a Relief Rally?

From its 2021 peak, Bata appears to have completed a full 5-wave decline, labelled as Wave A of a larger A–B–C corrective structure.

• The decline began with a diagonal-like structure, signalling weakness right from the outset.
  
• It ended with an Ending Diagonal in Wave 5, a classic pattern of market exhaustion.
  
• RSI is deeply oversold, aligning with the possibility that Wave A has reached completion.
  

With Wave A likely complete, attention now shifts to a corrective Wave B bounce. Typical retracement zones for Wave B lie between 0.382–0.618 of Wave A, i.e. ₹1,497 – ₹1,789. This remains the primary target area for the bounce before the larger downtrend resumes into Wave C.

Once Wave B completes, the focus would turn to Wave C, which often mirrors Wave A in length, implying that the broader correction may not be over yet.

Disclaimer:
This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.