With the support of Rs 3,300 to be considered on a closing basis, the price action may see a swing towards Rs 3,650–Rs 3,700 levels,” Bagkar said further.
Titan shares scaled a fresh peak of Rs 3,429.2 on the BSE on Wednesday (November 22), gaining over 1 per cent in comparison to the previous close. The stock price rose as global brokerage CLSA upgraded the counter to a ‘Buy’. Besides, the Competition Commission of India has given the company approval to purchase the entire equity held by CaratLane Trading.
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“In this regard, we wish to inform that the CCI vide its letter dated 21st November 2023, has communicated that, at its meeting held on 21st November 2023 considered the combination, and approved the same under Section 31(1) of the Competition Act, 2022, pursuant to the notice given by the Company. Please note that the completion of the transaction is subject to other closing conditions as per the SPA,” said the company in an exchange filing.
“CaratLane is a growing business; it is long-term positive,” AK Prabhakar, the Head of Research at IDBI Capital, told Zee Business.
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Earlier, CLSA maintained a ‘Buy’ on the counter with a target price of Rs 4,029 apiece.
Technicals also suggest a positive outlook for the stock. Avdhut Bagkar, Derivatives and Technical Analyst at StoxBox has set the target on the counter at Rs 4,000.
“The stock has absorbed all the selling pressure that arose near the previous high of Rs 3,350, implying further upside in the forthcoming sessions. The overall trend is headed towards Rs 4,000 levels, with momentum showing aggressive interest on the weekly and monthly charts,” the technical analyst added.
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“Following a brief consolidation in the range of Rs 3,100 to Rs 3,350, the price action has broken out on the upside. The stock has resumed the bull run and is anticipated to scale higher and enter uncharted territories. With the support of Rs 3,300 to be considered on a closing basis, the price action may see a swing towards Rs 3,650–Rs 3,700 levels,” Bagkar said further.
