Titagarh Wagons : Short Term Investment
Titagarh Wagons
A “shooting-star” during first week of July 2009 halted the rise in this counter. Prices opened gap down the subsequent week, with bears driving prices further south. Decline stopped around 275 levels during August 2008 with prices thereafter moving in a narrow band of 275 to 340 for next few months. As is evident, ascending Gann Line too provided support during November 2009 with prices advancing radually there from. Week before last witnessed bulls surpass the aforementioned value area level of 340 assisted by volumes, signaling renewed bullish bias in this counter. Yesterdays follow thru adds onfirmation to their attempts to scale higher grounds.
Bollinger Bands (not displayed here) are widening and with prices tagging upper band suggest more up moves in store. RSI too is nearing positive zone suggesting room for further rise. With buying enthusiasm regaining fresh boost, we recommend a buy.
Entry : Buy above 357 & dips to 340
Stoploss : Below 325
Target : 401 / 438
Recommendations in this section are expected to achieve their targets in one to three months.
Source : IDBI
Popularity: 4% [?]
Category: Broker tips
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