Investors with a short-term perspective can consider buying the shares of Titan Company at current levels. The stock surged over 2 per cent on Monday. This rally has also confirmed the break above the 200-day moving average at Rs.366.
The stock has also decisively breached the 50 per cent Fibonacci retracement resistance at Rs.375. The 61.8 per cent Fibonacci retracement level of Rs.392 is the next key resistance for the stock, which is likely to be tested in the coming sessions.
Traders with a short-term perspective can go long. Stop-loss can be placed at Rs.372 for the target of Rs.391. Intraday dips to the immediate support at Rs.374 can be used to accumulate long positions.
The 200-day moving average level at Rs.366 will be the key support level to watch. The outlook for the stock will turn bearish only on a strong fall below this level. But such a fall looks unlikely in the near term.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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