Titan Aether among Anand Rathi’s top 3 stock picks on June 18

Titan

Recently, Titan has surpassed its previous swing high of Rs 3,460 and is now holding a stable position above it, around Rs 3,500.

The stock has also found support near the 200-day Exponential Moving Average (DEMA) and the 21-day Exponential Moving Average (EMA), making it an attractive buying opportunity.

In terms of indicators, the daily Relative Strength Index (RSI) has broken a bearish trendline that has lasted for five to six months, indicating a bullish bias. Hence, we recommend going long on Titan within the range of Rs 3,500 – Rs 3,540, with an upside target of Rs 3,675 and a stop-loss of Rs 3,445.

Ether

After correcting roughly Rs 80, which amounts to a notable downside of 9 percent, AETHER has shifted its price from the previous support point of Rs 800. Notably, this support level coincides with the lower Bollinger band, implying a potential recovery, especially considering the weekly Relative Strength Index (RSI) has broken a bearish trendline that has lasted for twelve months, indicating a bullish bias.

Consequently, investors are advised to consider buying within the range of Rs 835 – Rs 860, envisioning an uptrend with a target price of Rs 965. To manage the risk effectively, it is recommended to take a stop -loss order near Rs 795, centered on the daily closing figures, to limit potential losses.

Cheering Foodworks

JUBLFOOD has two major technical analysis signals: a bull divergence on the daily Moving Average Convergence Divergence (MACD) indicator and a violation of a bearish trendline that has existed for 3-4 months.

A bull divergence occurs when the stock price forms lower lows while the MACD indicator forms higher lows, indicating a possible reversal from a downtrend to an uptrend.

The break of the bearish trendline indicates a possible shift in the stock’s direction from bearish to bullish. Based on these signals, we advise investors/traders to “go long” JUBLFOOD within the price range of Rs 522 – Rs 532 per share.

Moreover, there is an upside target of Rs 600 per share, which indicates the potential profit opportunity. To manage the risk, it is advised to place a stop-loss near Rs 485 per share, on a daily closing basis.

Disclaimer: Jigar S Patel is senior manager of equity research at Anand Rathi. The opinions expressed are his own.

First print: June 18, 2024 | 8:08 am IST