Titan

Recently, Titan has surpassed its previous swing high of Rs 3,460 and is now maintaining a stable position above it, around the Rs 3,500 mark.

The stock has also found support near the 200-day Exponential Moving Average (DEMA) and the 21-day Exponential Moving Average (EMA), making it an attractive buying opportunity.

On the indicator front, the daily Relative Strength Index (RSI) has broken through a bearish trendline that has persisted for 5-6 months, suggesting a bullish bias. Therefore, we recommend going long on Titan within the Rs 3,500 – Rs 3,540 range, with an upside target of Rs 3,675 and a stop-loss set at Rs 3,445.

Aether

Following a correction of roughly Rs 80, equating to a notable 9 per cent downturn, AETHER has shifted its course away from the prior support mark of Rs 800. This support level notably coincides with the lower Bollinger band, implying a potential rebound, particularly given the weekly Relative Strength Index (RSI) has broken through a bearish trendline that has persisted for 12 months, suggesting a bullish bias.

Consequently, investors are advised to contemplate purchasing within the range of Rs 835 – Rs 860, envisioning an upward trend with a target price of Rs 965. To manage risk effectively, it is recommended to implement a stop-loss order near Rs 795, centred on daily closing figures, to mitigate potential losses.

Jubilant Foodworks

JUBLFOOD has two key technical analysis signals: a bull divergence on the daily Moving Average Convergence Divergence (MACD) indicator and a violation of a bearish trend line that had been in place for 3-4 months.

A bull divergence occurs when the stock price forms lower lows while the MACD indicator forms higher lows, indicating a potential reversal from a downtrend to an uptrend.

The breach of the bearish trend line suggests a potential shift in the stock’s direction from bearish to bullish. Based on these signals, we advise investors / traders to “go long” in JUBLFOOD within the price range of Rs 522 – Rs 532 per share. 

Additionally, an upside target of Rs 600 per share, indicating the potential profit opportunity. To manage risk, a stop-loss is advised to be placed near Rs 485 per share, on a daily closing basis.

Disclaimer: Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own.

First Published: Jun 18 2024 | 8:08 AM IST