Rakesh Jhunjhunwala portfolio stock Titan Company has tanked 15 per cent so far in 2022 amid excessive volatility on Dalal Street. Titan shares have even underperformed benchmark NSE Nifty 50 which has tumbled over 7 per cent so far this year. According to the most recent shareholding sample, Rakesh Jhunjhunwala owns 3.5 crore shares whereas his spouse Rekha holds 95 lakh shares of Titan. The couple collectively held 5.05% stake in the company until quarter ended March 2022. Despite the correction, a number of brokerages stay bullish on the Tata group company stock. Titan shares have been quoting at Rs 2,136, down 0.4 per cent on NSE intraday.
Long-term structure nonetheless bullish
Santosh Meena, Head of Research, Swastika Investmart Ltd. stated, “Titan is trying to create a base around the 2,050 level after a healthy correction, however 2,300-2,350 is a critical resistance area as a cluster of key moving averages. Therefore, 2,050-2,350 is a well-defined trading band and if it manages to take out the 2,350 level, we can expect fresh bullish momentum while if it slips below the 2,050 level, then 1,900 will be the next sacrosanct support level. Existing investors should hold this stock as the long-term structure is still bullish whereas one can start to accumulate from current levels.”
Purchase at Rs 2,140 with a cease lack of Rs 2,030
“Titan’s stock price has dropped 15% so far in 2022, compared to a 7% drop in the benchmark Nifty index. Given its market share of less than 10% and the continuous problems of its unorganised and organised competitors, TITAN has a long expansion runway. It has unrivalled medium-to-long-term earnings growth visibility. Technically, the stock has been moving in an upward channel since March 2022 and is currently trading near the lower band of the channel, indicating a buying opportunity. Apart from that, Titan is trading above its 100 and 200 SMAs after a 15% pullback, indicating stock strength. Stocks can be purchased at a price of 2,140 with a stop loss of 2,030 with a target price of Rs 2,600,” stated Vijay Dhanotiya – Lead Technical Research at CapitalBy way of Global Research.
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Should you purchase, hold or promote Titan Company shares?
ICICI Direct in a report final month stated, “We continue to remain structurally positive on the stock as high growth visibility justifies premium valuations and maintain a BUY on the stock.” The brokerage values Titan at Rs 2,725
Axis Capital upgraded the stock to ‘Reduce’ from a ‘Sell’ score final month with a goal worth of Rs 2,050. The brokerage stated that the current correction has lowered Titan’s premium to its historic P/E band.
Sharekhan by BNP Paribas additionally has a purchase name on Titan Company Ltd. with a goal worth of Rs 2,900.0.
Titan Company shares stay Motilal Oswal’s high decide in the largecap consumption house in India, with sturdy earnings development visibility and compounding ~20% for an elongated time frame. “In the Jewellery industry, which is organising at a rapid pace, Titan is clearly at the vanguard among organised players in leading this growth. Its runway for growth is long, with a market share of just 6%,” the brokerage stated in its report final month. It maintained a ‘buy’ score on the stock with a goal worth of Rs 2,900, implying 39% upside.
(The stock suggestions in this story are by the respective analysis analysts and brokerage companies. FinancialExpress.com doesn’t bear any duty for his or her funding recommendation. Capital markets investments are topic to guidelines and rules. Please seek the advice of your funding advisor earlier than investing.)