Titagarh Rail share price: On technical setup, analysts largely said that the stock saw some profit booking. 
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Titagarh Rail share price: On technical setup, analysts largely said that the stock saw some profit booking. Shares of Titagarh Rail Systems Ltd have witnessed a nearly four-fold rise (over 384 per cent) in the past one year. Out of which, around 231 per cent of the gains came in 2023 so far (year-to-date basis) alone. The stock was last seen trading 0.35 per cent lower at Rs 752 in Thursday's trade. At this price, the scrip was down 13.23 per cent from its one-year high price of Rs 866.70, a level seen on September 4, 2023. Despite the mentioned dip, the multibagger counter has gained 451.12 per cent from its 52-week low of Rs 136.45, hit on September 28 last year.
On technical setup, analysts largely said that the stock saw some profit booking. One of them believes that a decisive move past above Rs 770 level is required for an upward move. On the other hand, Rs 700-650 zone is likely to cushion any short-term blip, another analyst suggested.
Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher, said, "The stock has witnessed heavy profit booking from the peak zone of Rs 866 level and has major support zone near Rs 676 from where it has indicated a pullback once again to improve the bias to some extent. A decisive move past above Rs 770 zone will further strengthen the trend and then one can anticipate an upward move in the coming days for targets of Rs 830-855."
Osho Krishan, Senior Analyst, Technical & Derivative Research at Angel One, said, "Titagarh Rail Systems is in a secular up trend, marching in the cycle of higher highs – higher lows on all time frame charts. Recently, the stock has seen some cool-off/profit booking from the all-time high zone and slipped on daily charts. Post such a rally, some cool-off is prominent and considered healthy. As far as levels are concerned, the Rs 700-650 zone is likely to cushion any short-term blip, while sustenance above the same could be seen as an opportunity to re-enter from a short to medium-term perspective."
Ganesh Dongre, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, "On daily charts, the stock has seen a bearish engulfing candlestick pattern at a resistance of Rs 850 level, which is bearish in nature. A multiple top also has been formed at the same level, which indicates that it is a strong resistance level. So, we may see further selling in this stock in the upcoming days. We advise traders to book profit in this stock at current level and avoid fresh long for now."
The stock today was last seen trading lower than the 5-day, 10-, 20-day simple moving averages (SMAs) but higher than the 30-day, 50-, 100-, 150-, and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 51.50. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 64.88 against a price-to-book (P/B) value of 11.
The scrip has an average target price of Rs 785, Trendlyne data showed, suggesting a potential upside of 5 per cent. It has a one-year beta of 0.95, indicating average volatility on the counter.
As of June 2023, promoters held 44.97 per cent stake in the firm and public shareholders owned 55.03 per cent of the company.
Kolkata-headquartered Titagarh Rail, formerly known as Titagarh Wagons, is engaged in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipment, bridges and ships.
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