Titan Company, Rakesh Jhunjhunwala’s portfolio stock, rose 62 percent in the calendar year 2021, from Rs 1,551 per share to Rs 2,524.35 per share. Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala own 4.87 percent of Titan shares or 4.33 crore. Titan shares were trading at Rs 2,508.30 apiece on the first trading day of CY2022, down 0.6 percent from their previous close of Rs 2524.35 per share. Titan has delivered fantastic results, according to technical experts, due to the strong positive mood in CY21 and the relaxation of COVID-19 constraints of the festive and wedding season.
Titan’s share price has risen from Rs 1,551 per share (as of 4th January 2021) to Rs 2,524.35 per share (as of 31st December 2021), boosting Rakesh Jhunjhunwala’s net worth by Rs 4,214 crore in the previous year. It increased by 43.53 percent in the past six months, and by more than six percent in a single month. “Technically, Titan Company faces severe resistance at 2570. Long-term investors should take profits at current levels and wait for values closer to 2180-2200 to begin accumulating for greater returns this year, according to AR Ramachandran, Co-founder, and Trainer at Tips2Trades.
So far today, 24,000 shares have moved hands on the BSE, while nearly 4.76 lakh units have switched hands on the NSE. The technical picture for Titan Company shares, according to analysts, is still positive. Following a ranging corrective move, the stock remained in a defined range following a formation of a high point at 2677 in the last quarter of CY21. “It looks to have resumed its uptrend after finding support at its 100-day moving average, which is now at 2244. All of the stock’s main moving averages are currently above it. Investors who own this stock should keep it since it is likely to challenge its prior high. Investors can retain a trailing stop loss of 2200 on a closing basis while remaining invested, Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.
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