Hot Stocks: Bata India expected to see short-term bounce, 5% upside seen

No respite for bulls and carnage on the Street has continued for this week as well.

Volatility in the last few days has given sleepless nights to traders where bears have managed to hold the grip quite firmly and sharp selling pressure has been witnessed on every pullback.

The session of March 5 was not an exception where initial gains were wiped out in the latter half and Nifty50 closed almost flat.

As per the current scenario, it's quite evident that the Indian market is not going to decouple with its global coronavirus-infected peers and further fall will not be ruled out.

Government measures across the globe to pump the liquidity in the economy through monetary measures are providing only temporary relief.

Additional cases of the virus in India every day are deteriorating the sentiment and pullback in such a situation is likely to be very short-lived.

The technical pattern structure is reflecting the same picture; rising trendline support at 11,020 has offered a pullback in the last few trading sessions.

But, bulls were not strong enough to take the rally forward and bears took over the game on every rise.