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The long-term positive outlook remains intact for Titan Company (₹348.2) as long as it trades above ₹259. Currently, the stock is ruling at a crucial level and facing a strong support at ₹328. Immediate resistance for Titan appears at ₹365 and a conclusive close above ₹384 will reinforce the bullish trend and trigger a fresh rally taking Titan to new highs.
F&O pointer : Titan June futures witnessed accumulation of 36,000 shares in open interest on Friday. Options are not very active. However, there are indicators that suggest that the stock could face resistance at ₹360. At the same time, unwinding in put positions indicates limited downside for the stock.
Strategy: Traders can consider going long on Titan futures. While the initial target is ₹365 and the subsequent one at ₹384, traders with a high risk appetite can consider rolling over their positions for high returns.
However, traders should keep a strict stop loss at ₹328. Alternatively, traders can buy 350 call that ended with a premium of ₹6.85. Here the maximum loss could be the premium paid, which works to ₹6,850. Traders can exit the position if the option premium hits ₹3.2 (booking a loss) or ₹15 (cashing in on gains).
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