With this, Nuvama has set a short-term target of Rs 4,350 (17% growth potential) and Rs 5,425 for the long term (12 months), predicting a growth potential of nearly 46%.
Currently, according to the Nuvama report, there are early signs of a bottoming process, marked by an improvement in Pricing structure and a visible accumulation phase. The stocks have started to form higher highs and higher lows on the short and medium term charts, suggesting a possible trend reversal and the resumption of an upward trend.
(Source: Nuvama | Daily chart: New highs expected for Titan since the long-term trend system has generated a buy signal)
ETMarkets.com(Source: Nuvama | Monthly Chart: Titan is forming a small upper bottom and has formed a long lower shadow pattern which suggests selling exhaustion near oversold levels and prevents a trend reversal on the cards)Following an interim correction, the stock is expected to continue its upward trajectory after a brief consolidation phase and the short-term market volatility should be considered as an opportunity to establish aggressive long positions during price dips. Moreover, the stock is approaching a crucial zone of 3700 and a bullish breakout is anticipated. This suggests that the previous underperformance phase is likely to be reversed, paving the way for further gains.
ETMarkets.com(Source: Nuvama | The intermediate correction phase is complete as the stock has experienced a breakout above the downtrend line, a subsequent rally above the 3700 level will bring outperformance and leadership)
Recent signals from Nuvma’s long-term model have shown impressive results: the last four buy signals returned an average of 21% over three months, 33% over six months, and 50% over twelve months, all without any negative returns.
Star investor Rekha Rakesh Jhunjhunwala also owns around 95.4 lakh shares in the company, translating to an equity stake of just over 1%.
Titan shares have risen 18.7% over the past year compared to the current year.
The stock closed 3.11 per cent higher at Rs 3,721.40 on the BSE on Thursday.
(Disclaimer:The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of the Economic Times)
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