Chart Check: Sensex stock! Titan Company takes support above 50-EMA; likely to surpass 3600 levels

Titan Company Ltd, part of the gems and jewellery industry, hit a record high in September but it failed to hold on to the momentum, the chart pattern suggests that bulls are here to stay.

Titan Company, which is also part of the S&P BSE Sensex bounced back after taking support above the 50-EMA on the daily charts. It is also trading in an Ascending channel pattern.

If the momentum continues, the stock could well surpass 3600 levels in the next 1-2 months, suggest experts.


The gems & jewellery stock hit a record high of 3351 on 18 September 2023 but it quickly pared gains and went under price correction. It found support above the 50-Days Exponential Moving Average on daily charts.

The stock has been making higher high and higher low formations on the daily charts after retesting 50-Days EMA.

In terms of price action, the stock is trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100 and 200-DMA on the daily charts.

“Titan Company stock has indicated series of higher bottom formation on the daily chart with overall maintaining a strong ascending trend since the last 5-6 months,” Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt., said.

“Currently, it has retraced to take support near the significant 50 EMA level of 3120 zone and indicated a decent pullback with improvement in the bias and anticipate for further rise in the coming days,” she said.

The RSI also is well placed and has indicated a trend reversal to signal a buy with much upside potential visible. The daily Relative Strength Index (RSI) is placed at 54.0. RSI below 30 is oversold and above 70 is considered overbought.

“With the chart looking attractive, we suggest buying and accumulating the stock for an upside target of 3630 in 60 days, keeping the stop loss of 3120 on a closing basis,” recommended Parekh.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)