The stock of Titan Company Ltd. has been gaining for the past two weeks. It has stayed above ₹900 for the past few trading sessions and the price action in the daily chart indicates that the price might advance further.
The stock, which marked a year-to-date high at ₹1,341 towards the end of February, has crashed and lost about 46 per cent; it registered a low of ₹720.9 last week. It has since gained and is currently hovering around ₹950.
The daily Relative Strength Index (RSI) has inched up in the past one week and the Moving Average Convergence Divergence (MACD) indicator in the daily chart shows the momentum is shifting in favour of the bulls.
The above factors hint at a short-term rally. Hence, traders hunting for near-term opportunities can buy the stock with stop-loss at ₹915 and look for targets ₹1,000 and ₹1,035.
Supports: ₹920 and ₹900
Resistances: ₹1,000 and ₹1,038
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)