Titan Company meets the trend template of Mark Minervini

Titan Company meets the trend template of Mark Minervini

by 5paisa Research Team Last Updated: Dec 10, 2022 - 03:11 pm 34.6k Views
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The stock of Titan company jumped over 8 per cent in the last week and bulk of this gains were registered by the stock on the final trading session of the week as it glittered 4.47 per cent along with highest single day volume since March 03, 2022.

Technically, recently, the stock broken out of a base in its weekly chart accompanied by above average volume. Volume for the week was greater than its 20-weeks average volume. Higher than above average volume indicates strong buying interest by market participants.

Currently, the stock is meeting the criteria of Mark Minervini's trend template. The current market price of the stock is above 10, 30 and the 40-week moving averages. Moreover, all these moving averages are in desired sequence and all are trending up. It is also meeting Guppy Multiple Moving Average (GMMA) set up by Daryl Guppy. This structure indicates that the stock is in clear uptrend.

Since the last couple of trading sessions, the stock has outperformed the frontline indices. Also, it has relatively outshined Nifty 500 with a decent margin. The relative strength comparison with Nifty 50 and Nifty 500 is marking a higher high.

The stock is meeting most of the CANSLIM characteristics. The stock has an EPS strength of 92 which is a great score indicating consistency in earnings, relative price strength is at 65 which is fair indicating the recent price performance. The good buyer’s demand indicates the institutional investors’ interest in the stock. Group Rank of 32 indicates it belongs to a strong industry group and a Master score of A is the best. The stock is trading 1 per cent from the pivot point (which is the ideal buying range for a stock).

The stock is clearly uptrend and the trend strength is extremely high. The Average Directional Index (ADX), which shows trend strength, is as high as 32.43 on weekly. Generally, above 25 levels is considered as a strong trend. Moreover, the +DMI is above the -DMI and its in rising trajectory.

Considering the robust technical structure of the stock we believe it is likely to continue its northward journey over the coming days. This reading will lose relevance if the price slips below Rs 2450.

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