Titan shares up 25% from 52-week low, 9% upside still in sight
The shares of Titan Company are now trading higher by 25% from their 52-week low of Rs 2,947.55 on the BSE and have broken out of their resistance, which means that the stock may be ready for further upside.
ADVERTISEMENT Domestic brokerage firm Axis Securities, in a report, stated that after this breakout, Titan shares appear well-positioned to extend their rally towards the Rs 3,885 and Rs 4,000 levels in the near term.
Titan shares have staged a significant technical breakout, closing at Rs 3,622 with a strong bullish candle on the weekly chart. The move marks a decisive break above the falling channel pattern that had held the stock in a downtrend since late September 2024.
The breakout is accompanied by a notable rise in trading volumes, suggesting strong market participation and reinforcing the validity of the move.(Source: Axis Securities)
ADVERTISEMENT The report by Axis Securities highlights, 'On the daily chart, Titan is also approaching a key technical level as it nears a breakout from a cup and handle pattern, with resistance placed at Rs 3,670.'Also read: Nestle India Bonus Issue: Board approves first-ever 1:1 bonus; shares up 1%
ADVERTISEMENT The analysts at the brokerage firm said that a sustained close above this level could further bolster bullish sentiment and pave the way for continued upward momentum.
Adding to the positive outlook, the Relative Strength Index (RSI) has moved above its signal line and is now holding firmly above the 50 mark, a sign of strengthening momentum.
Over the past one year, the shares of Titan have gained 8.52%. Year-to-date (YTD), it is up 12.47%, while the six-month return stands at 10.21%. In the last three months, the stock has delivered a strong return of 19.72%, and over the past one month, it has risen 1.38%.
ADVERTISEMENT Around 1 pm today, the shares of Titan were trading flat at Rs 3,659.95 on the BSE.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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