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The stock of Titagarh Wagons has been in the limelight over the past three trading sessions. The stock has skyrocketed 18 per cent so far this week and still has room to extend its rally. Investors with a short-term view can buy the stock at current levels.
After recording a 52-week low at ₹61.6 in early October, the stock bounced up and started to consolidate sideways. It had been in sideways movement in the band between ₹61 and ₹75 for more than two months. On Thursday, the stock surged 6.7 per cent breaking above the upper boundary of the sideways movement.
There has been an increase in daily volume over the past four trading sessions. This week, the stock decisively breached its 21- and 50-day moving averages and started trading well above them. The daily relative strength index has entered the bullish zone and the weekly RSI hovers in the neutral region. Both the daily and weekly price rate of change indicators feature in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. Targets are ₹83 and ₹85. Traders can buy with a stop-loss at ₹77.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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