Technical Analysis

Titagarh Wagons (₹54.5): Buy

Yoganand D. BL Research Bureau | Updated on March 02, 2021

The stock of Titagarh Wagons has gained 6.9 per cent accompanied by good volume on Tuesday, surpassing a key resistance at ₹53.5. This rally has strengthened the medium-term uptrend and provides traders an opportunity to buy the stock at current levels. Since the stock recorded a 52-week low at ₹20.5 in March 2020, it has been in an intermediate-term uptrend.

However, the stock had met with a key resistance at ₹62 in early January and was on a short-term downtrend until last week, were it took support at ₹48. Moreover, the intermediate-term uptrend had also cushioned the stock at around ₹48.

There has been an increase in volume over the past three trading sessions. The daily as well as the weekly relative strength indices are on the brink of entering the bullish zone from the neutral region.

Further the daily price rate of change indicator features in the positive terrain implying buying interest. It reach the price targets of ₹57 and ₹58. Traders can buy the stock with a stop-loss at ₹52.5 levels.

Note: The recommendations are based on technical analysis. There is a risk of loss in trading

Published on March 03, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor