Titan Stock Price Target: Day Trading Guide: 2 Stock Recommendations for Monday
Benchmark Indian equity indices ended another week in the green on a positive note with gains of almost 4%. Additionally, Nifty50 is now trading comfortably above its 200-DMA placed at the psychological level of 17,000.
However, after this 10.50% rise from the 15,670 lows in just two weeks, Nifty50 is approaching a key hurdle at the 61.8% Fibonacci retracement level which is at 17,350. failure to sustain past this hurdle over the next few sessions could trigger minor profit booking, fracturing the index lower to test the 200-DMA at 17,000. On the other hand, sustained trade above the 17,350 level would extend the uptrend taking the index higher to the 17,600-17,800 levels.
Moreover, the RSI on the shorter time frame has reached an overbought zone, suggesting that a temporary pause in the uptrend cannot be ruled out.
Buy from CMP Rs 685
Objective: Rs 760
Stop-loss: Rs 645
The stock broke out of a falling channel pattern and turned back up, triggering a resumption of the uptrend. Technical indicators also promote the same.
Buy from CMP Rs 2,700
Objective: Rs 2,830
Stop-loss: Rs 2,620
The stock resumed its uptrend after emerging from an ascending triangle consolidation phase. Moreover, a sustained trade above Rs 2,700 will take it higher to the levels of Rs 2,830. The RSI also suggests a bullish trend.
(The author, Aditya Agarwala, is CMT, Technical Analyst – Research at YES Securities. Opinions are his own)