Titan hits all time high; rises 12% in eight days

Titan Company rose 0.51% to Rs 2,031.20, extending its winning run to eighth consecutive trading session.

Shares of Titan Company have rallied nearly 12% in eight trading sessions from its previous closing low of Rs 1815.75 on 26 August 2021. The counter hit a record high of Rs 2,039.15 in intraday today. The stock has zoomed 88.7% from its 52-week low of Rs 1076 recorded on 24 September 2020.

The stock had outperformed the market over the past one month, rising 13.02% compared with 7.40% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 79.539. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1796.07 and 1688.89 respectively. These levels will act as crucial support zones in near term.

Titan Company is engaged in making and selling watches, jewellery, eyewear and others. On a consolidated basis, Titan Company's net profit stood at Rs 18 crore in Q1 FY22 as compared to a net loss of Rs 297 crore in Q1 FY21.

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