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Titan Company stock hits all-time high; is it still a good buy?

Titan Company stock hits all-time high; is it still a good buy?

The stock, which forms a key component of ace investor Rakesh Jhunjhunwala's portfolio, gained 5.14 per cent to reach an all-time high of Rs 2,720 on the BSE.

Titan Company stock surged past its previous all time high of Rs 2,687.30 it hit on January 7, 2022. Titan Company stock surged past its previous all time high of Rs 2,687.30 it hit on January 7, 2022.

Shares of Titan Company hit their all-time high today amid a strong rally in the afternoon session. The stock, which forms a key component of ace investor Rakesh Jhunjhunwala's portfolio, gained 5.14 per cent to reach an all-time high of Rs 2,720 on the BSE.

The stock surged past its previous all time high of Rs 2,687.30 it hit on January 7, 2022. Jhunjhunwala and his wife Rekha together held 4,52,50,970 shares, or 5.09 per cent stake, in the company at the end of December quarter. In the last quarter, Rakesh Jhunjhunwala held 3.57 crore shares, or 4.02 per cent stake, in the firm. His wife Rekha owned 95.40 lakh shares, or 1.07 per cent stake in the firm.

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The large cap stock opened at Rs 2,612 on the BSE against the previous close of Rs 2,586.95.   The luxury goods stock was among the top Sensex gainers today. The share has climbed 7.5 per cent since the beginning of this year and risen 84.27 per cent in the last one year.

Titan Company shares are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 14.35 per cent in the last 7 days.

A total of 0.86 lakh shares of the firm changed hands, amounting to a turnover of Rs 23.16 crore. Market cap of the firm rose to Rs 2.40 lakh crore on the BSE. The stock hit a 52-week low of Rs 1,400 on May 4, 2021.

Osho Krishnan, Sr Analyst- Technical and Derivative Research at Angel One said, "Titan has seen a spectacular breakthrough to enter the uncharted territory. The stock has witnessed a consolidation breakout that has been backed by substantial traded volumes indicating the vigor in the breakout. Eventually, on the weekly time frame, the stock has showcased a decisive closure affirming the strength in the momentum.

The stock has strong support near the 2550-2580 odd zone, and till it sustains above the same, the strong bullish view is expected to remain intact in the counter. On technical parameters, most of the indicators are in the bullish terrain, and the current momentum is likely to prevail in the near term. We firmly advocate the bullish view where any minor dip could be utilized to accumulate the counter from a short to medium-term perspective."

SBI Securities is bullish on the Titan Company stock and sees an upside of 15% in one year. It assigned a target of Rs 2,868 against the market price of Rs 2493 on March 14.

"The stock is trading above its major multiple moving averages and with other technical indicators & oscillators showing positive traction, we believe that Titan can take good support at  Rs 2,250-2,300 zone and steadily inch up higher towards creating a fresh all-time high," the brokerage said.

Meanwhile, Sensex rose 1,151 points to 57,967 and Nifty gains 332 points to 17,307 in the afternoon session. This is the second consecutive session in which market is trading with major gains. 

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Published on: Mar 17, 2022, 1:58 PM IST
Posted by: Aseem Thapliyal, Mar 17, 2022, 1:49 PM IST