Titan, TBZ: Trading strategies for jewellery-related stocks on Dhanteras

Titan Company is hovering around the resistance of Rs 1,300 levels.

Shares of gems and jewellery companies were trading higher in the late morning deals on Friday. Dhanteras, which is considered as the most auspicious day in Hindu calendar for buying items ranging from precious metals like gold and silver to utensils, is being celebrated on Thursday and Friday this year. 

ALSO READ: Should you buy gold this Dhanteras? 
 

At 11:08 am, shares of Titan Company were trading 0.7 per cent higher at 1,286.25 levels while those of Tribhovandas Bhimji Zaveri (TBZ) were quoting over 1 per cent higher at Rs 46. Vaibhav Global, too, was ruling over 1.6 per cent higher at Rs 2,076. In comparison, the benchmark S&P BSE Sensex was ruling flat at 43,377 levels. 

Here's a look at how these stocks look on technical parameters and what should be your trading strategy. 

Titan Company Limited (TITAN): The counter is hovering around the resistance of Rs 1,300 levels. And if it manages to overcome the Rs 1,350-mark, then a rally towards Rs 1,500 to Rs 1,700 can be anticipated, as per the weekly chart. The medium-term outlook looks bullish till the stock holds the support of Rs 1,100 on the closing basis. The immediate support on a closing basis comes in at Rs 1,250 and 1,200 levels. CLICK HERE FOR THE CHART
 
Vaibhav Global Limited (VAIBHAVGBL): The counter has tripled in the last nine months from the lows of Rs 530 levels. Thus, the counter may see some profit-booking, yet the overall trend looks quite bullish. Till the stock holds Rs 1,800 levels on the weekly basis, the uptrend may see a rally towards Rs 2,700 levels. The price has entered the overbought territory on the Relative Strength Index (RSI), nevertheless the strength and momentum are favouring the bulls. CLICK HERE FOR THE CHART
 
Tribhovandas Bhimji Zaveri Limited (TBZ): With a “Golden Cross” formation of 50-day moving average (DMA), and 100-DMA with 200-DMA, the stock is set to climb higher levels towards Rs 63. This move is gradually building volume and if it manages to sustain “above average volumes” for a few more sessions, then an unexpected surge may see strong momentum. The current support stays at Rs 40 levels. CLICK HERE FOR THE CHART
 
Rajesh Exports Limited (RAJESHEXPO): This counter is struggling to sustain above 100-DMA, currently placed at Rs 461.50 levels. This weakness is resulting in negative sentiment. Till the price does not conquer 100-DMA decisively, one can step aside from this counter. CLICK HERE FOR THE CHART