Buy Titan Company Ltd., target Rs 432.0 : Sameet Chavan

Sameet Chavan of Angel Broking has Buy call on Titan Company Ltd. with a target price of Rs 432.0. The current market price of Titan Company Ltd. is 402.75. Time period given by analyst is Quarter, when Titan Company Ltd. price can reach defined target. Sameet Chavan recommended to keep stop loss at Rs 389.5. The stock is moving in an uptrend by maintaining ‘Higher Highs Higher Lows’ on the weekly chart. From the last few sessions, the stock is undergoing a corrective phase and in the course of action, it has retraced its previous up move (from Rs.351.70 to Rs.435) by 50%. The stock is currently trading at the lower end of the ‘Rising Channel’ on the daily chart, which coincides with the mentioned retracement level and ‘Super Trend’ indicator. The ‘RSI’ oscillator is in process of rebounding from its ‘Trend Line’ support, indicating strength in the counter. Considering above technical evidence, resumption of the larger degree uptrend might be in the offing. Hence, traders are advised to buy the stock at current levels and on a correction up to Rs.398 for a target of Rs.432 in next 14 – 21 sessions.