Top trending stock: Titan Company

The stock of Titan Company is extremely bullish on Wednesday and has surged over 1.5% in the first hour.

Titan Company Limited is engaged in the manufacturing of watches, jewellery, etc. The company's main revenue is generated from the segments of watches, jewellery, and eyewear. With a market capitalization of about Rs 2,30,350 crore, it is one of the strongest company in its industry.

The stock of Titan Company is extremely bullish on Wednesday and has surged over 1.5% in the first hour. It has taken out its prior high of Rs 2563.65 and continues to trade at day’s high. Also, the stock recovered sharply from lower levels today and has shot up significantly since then. The stock decisively trades above 2520-2530 short term resistance zone with heavier volumes, In the last few trading sessions, the stock has recorded above-average volumes, which indicates larger participation in the stock.

Along with strong price action, several technical indicators point towards the bullishness of the stock. The 14-period daily RSI has jumped over 60 and has entered bullish territory. The MACD line above the signal line and zero line indicates the uptrend. The OBV has crossed above its prior high and thus points towards uptrend of the stock from a volumes point of view. The stock trades above all the key short term and long term moving averages. These moving averages have an upward slope and demonstrate an uptrend of the stock.

The stock has outperformed Nifty on YTD basis, it has delivered about 3% returns during this period while the latter has generated negative 4.46% returns. Moreover, the stock has also outperformed most of its peers. Overall, the picture is quite bullish.

With current bullishness, the stock is expected to test its all-time high level of Rs 2687.25 in the short to medium term. Positional traders can consider this stock in this watchlist, as the stock has immense potential to generate good returns in the short to medium term. Above-average volumes and strong technicals make this stock an attractive swing trading idea too.

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