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Technical stock pick: Titan Industries

HDFC Sec | Published: 25 Jul, 2012  | Source : ValueNotes.com | Follow Author | Add to my Favourites


Technical Analysis
The following technical observations make Titan Industries a buy:

1. Titan Industries is trading above the upward sloping trend line above which is a bullish indication.

2. The stock is trading above its long term moving averages. The 200-day exponential moving average is trading at Rs218 and 200-day simple moving average is trading at Rs216 which is a bullish sign.

3. The last downward move from Rs254 to Rs204 took 20 trading sessions, which is close to important Fibonacci number of 21. So time wise downward correction has already taken place and the upward rise is about to begin.

Oscillator

Current value

Average value

MACD – 9days

0.68

0.42

RSI – 14 days

55.23

51.39

ROC – 10days

0.31

-1.78


Stock Recommendation
The oscillators are generating fresh buy signal. Buy Titan Industries between Rs223 and Rs220 for a price target of Rs243 in 7 days keep a stop loss of Rs215 on the closing basis.

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