Rakesh Jhunjhunwala’s portfolio stock Titan Company rallied 62 per cent in the calendar year 2021, rising to Rs 2,524.35 from Rs 1,551 per share. Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala together hold 4.87 per cent stake or 4.33 crore Titan shares. On the first trading day of CY2022, Titan shares were ruling weak at Rs 2,508.30 apiece, down 0.6 per cent, from last close of Rs 2524.35 apiece. Technical analysts say that strong bullish sentiment in CY21 along with the ease of COVID-19 restrictions in terms of festive and wedding season have led to Titan giving stellar returns.
In last one year, Titan share price has shot up from Rs 1,551 apiece (as of 4th January 2021) to Rs 2,524.35 apiece (as of 31st December 2021), helping Rakesh Jhunjhunwala’s net worth to grow by Rs 4,214 crore during this period. In last six months, it soared 43.53 per cent, and over 6 in one month. “Technically, 2570 remains a strong resistance for Titan Company. Long-term investors should book profit at these levels and wait for levels closer to 2180-2200 to start accumulating for better returns this year,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
In the traded volume terms, a total of 24,000 shares exchanged hands on BSE, and over 4.76 lakh units at the NSE so far in the day. Analysts say that the technical picture for Titan company stock continues to remain buoyant. Following a creation of high point at 2677, in the last quarter of CY21, the stock remained in a defined range following a ranged corrective move. “It appears to have resumed its up move again after taking support near its 100-DMA which presently stands at 2244. The stock now trades above all its key moving averages. Investors who are holding this stock should stay invested; the stock is expected to test its previous high. Investors can remain invested while maintaining a trailing stop loss of 2200 on a closing basis,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.
(The stock recommendations in this story are by the respective research analysts and brokerage firms. Financial Express Online does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)
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