F&O Buzzer: Bears continue to mount pressure on Bata India

The stock has also seen an almost six-fold rise in delivery volumes to the highest in the week. A high delivery volume shows the intensity of price action. This signals that more traders are selling the stock to exit than before

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Bata India continued to decline and slipped a percent in the morning trade on February 16, a similar drop was seen in its futures price. The fall comes along with a rise in open interest, a sign of a short buildup.

Open interest in the stock’s futures and options rose 9 percent to its highest in the year. An increase in open interest suggests that more investors are entering into futures and options contracts.

The price also broke below the 30-level on the Relative Strength Index (RSI), a technical analysis tool that measures the strength of a stock’s price action. A reading below 30 signifies selling pressure.

The stock price slipped below Bollinger bands, which is a technical tool that uses standard deviations to create an upper and lower boundary around a stock’s moving average. The breaking of the lower boundary suggests a bearish trend.

The stock has also seen nearly a six-fold rise in delivery volumes to the highest of the week. A high delivery volume shows the intensity of price action. This signals that more traders are selling the stock to exit than before.

Rollover, which refers to the transfer of futures contracts from one expiry month to the next, was also at the highest level of the week. A high level of rollover indicates that investors continue to hold their positions in these stocks and have a longer-term outlook.

At 11.52 am, the share was trading at Rs 1,457.50 on the National Stock Exchange, down 1.22 percent from the previous day’s close.