Titan Company may move above Rs 400: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "Titan Company has already gone through a number of news flows, but it has remained above Rs 320-340 levels where a very good base formation in the last six or seven months has formed. If you look at the open interest position, almost 53 percent of cut in the open interest have been seen. So, it is a clear sign that even the positional shorts, traders have exited from the stock. So, that means one direction which is left in the stock is on the higher side." "I think one of the most beneficial stocks in this particular domain is Titan which is much beneficial in comparison to the unorganised players right now and the volumes if you look at around Rs 345, it was really encouraging. The delivery pickup also happened around that level, so that remains the immediate support for the stock. On the higher side, we are expecting a move beyond Rs 400," he said. "Among the two wheelers, in the last two or three sessions we have found some opportunity because of some profit booking in the market. The market is consolidating, so some profit booking in the outperformers has been seen. Bajaj Auto has come closer to the good support of Rs 2,480-2,500 levels. From here I think the target of Rs 2,650 can be fixed. So, looking at the short covering pattern again in this stock which has remained at the higher band for a very long time but now eventually coming up, I think it is possible that Rs 2,650 kind of targets can be seen."