Titan Ltd (NSE: TITAN) is an Indian consumer goods company. It is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TNIDC). It commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified into jewelry with Tanishq and subsequently into eyewear with Titan Eyeplus. In 2013, Titan entered the fragrances segment with the brand Skinn and later that year, it ventured into the helmets category under its brand Fastrack. The company also launched a series of affordable smartwatches under its brands' Sonata and Fastrack. Titan Company is Tata Group's largest consumer company.
On the technical front, TITAN has higher highs and higher lows on the daily charts and is currently placed above the long-term EMAs in the daily frame. In the recent past, after clocking a high of Rs1,319 level, the stock has witnessed a bounce and rallied to the current levels. At the current juncture, the stock has formed a base of around Rs1,275 level on the lower side and is all set to move higher. The overall chart structure of the counter looks bullish from current levels and is witnessing a bounce from the support zone around Rs1,210 level. This may trigger a fresh round of buying which may take the stock towards Rs1,500 plus levels. The stock is currently performing in line with the broader markets indicating the inherent strength in the counter and is trading well above the major long-term support levels. On the Bollinger band (20,2), the stock price is trading above the mean with the upper band facing in the northward direction indicating the price likely to move higher. Analyzing the recent volume price action, the volumes have been encouraging in the recent up move indicating strong hands have started accumulating the stock at current levels. On the oscillator’s side, RSI (14) is trading in a comfortable zone of above 60 levels indicating the intact bullishness in the stock. We expect the counter to continue its outperformance in the coming trading days as well and may move towards Rs1,550 levels in the medium-term. Any correction towards the recent support levels of Rs1,275 levels may be utilized to average the positions.
Srinivas Krishnan Bobba, Deputy Manager (technical research analysis) Karvy Stockbroking Ltd