Titan hits record high; rises 5% in four days

Titan Company rose 2.27% to Rs 1501.65, extending its winning run to fourth consecutive trading session.

The counter has surged 5.45% in four trading days from its previous closing low of Rs 1424.10 on 10 December 2020. The stock hit a record high of Rs 1506.50 in intraday today. From its 52-week low of Rs 720 hit on 24 March 2020, the counter has jumped 108.5%.

In last three months, Titan rallied nearly 27% outperforming the benchmark Nifty 50 which rose close to 18% in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 76.708. 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 1299.16 and 1214.21, 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. The company's retail chain (including CaratLane) stands at 1,832 stores, as on 30 September 2020 with a retail area crossing 2.4 million sq ft for all its brands covering 290 towns.

On a standalone basis, the company's net profit declined 37.8% to Rs 199 crore on 11% fall in net sales to Rs 3892 crore in Q2 September 2020 over Q2 September 2019.

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