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Are Good Times Ahead For Titan?? Are The Quarterly Numbers Revealing The Underlying Strength??

Are good times ahead for Titan?? Are the Quarterly numbers revealing the underlying strength??

Titan  posted a 4.42 per cent year-on-year rise in standalone net profit at Rs 294.58 crore for March quarter. The firm had posted a net of Rs 282.12 crore in the corresponding quarter last year.

Analysts in an ET NOW poll had projected a profit of Rs 400 crore.

Margins stood at 9.8 per cent in March quarter against ET NOW poll estimate of 12 per cent.

The company reported a Rs 70 crore as one-time loss. The board of Titan, meanwhile, has recommended a dividend of Rs 5 per share.

“Profit before tax for the year 2018-19 was very encouraging and grew by 22.7 per cent to Rs 1,927 crore. This was after 100 per cent provision for investments in inter corporate deposits amounting to Rs 145 crore made in IL&FS and impairment of investment in its Swiss subsidiary Favre Leuba, amounting to Rs 70 crore (exceptional item),” Titan said in a release..

 

Technical View

Titan is  in a strong uptrend giving small corrections and are an ideal buy on the dips. According to Fibonacci Analysis a counter that doesn’t fall more than 38.2% of the fall is in a strong uptrend and are the ones for long term investments.  The fall from the highs of 994 halted at the 38.2% of the swing from 302. Please note that the counter halted at the 38.2% of the higher swing. This is also the Fibonacci confluence zone which the market respected. The RSI on the correction took the bear zone support at 60 and reversed. RSI on the whole has been oscillating between 80 and 40 and that is indicating a strong uptrend. Therefore both price and momentum indicator is showing a strong uptrend in the counter.  Therefore the dips in this counter are an ideal buy. The stock broke the highs of 994 four months back and is already up 25 percent from there. The Fibonacci extension is indicting two confluence zones above the breakout levels of 1000. One is at 1088 and the other at 1707 levels. This month the fall in the counter halted at the first confluence zone of 1088. The next target at 1707 is some 38 percent from the current levels and is a reasonable target as the stock is in a strong bull trend.

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