Nagaraj Shetti, AVP of Technical Research at HDFC Securities, issued opposing technical recommendations on ITC Hotels and Titan Company after India's benchmarks declined, NDTV Profit reported Oct. 23.
The outlet described ITC Hotels as a purchase trade with an entry at ₹162 per share, a ₹175 target and a ₹155 stop-loss. It said Shetti's Titan sale setup had a ₹4,348 entry, a ₹4,090 target and a ₹4,485 stop-loss. The report set both calls over two to three weeks.
For ITC Hotels, Shetti cited the Oct. 22 rebound, a sequence of rising daily lows and supportive volume and daily relative strength index (RSI) readings, according to NDTV Profit. The outlet said the stock had traded between ₹150 and ₹165 in recent months.
On Titan, the report described a downtrend over the previous couple of months and a pattern of lower highs and lows. Shetti said Titan failed to regain the base of its 200-day exponential moving average during a pullback, while its volume pattern and daily RSI gave bearish signals.
The report presented the calls through chart signals and did not cite a company-specific business catalyst. HDFC Securities says its positional research examines past share prices and trading volumes, with a stated horizon of seven days to three months. The two-to-three-week period reported for Shetti's calls sits toward the shorter end of that range.
Indian benchmarks had also fallen the day before the report. NDTV Profit and India Today reported that the Nifty 50 ended Oct. 22 at 22,687.65, down 0.54%, while the Sensex closed at 73,249.39, down 0.62%. The indexes lost 123.70 and 460.30 points, respectively.
EconoTimes previously covered Shetti's reported technical calls on Wipro and Dixon Technologies.
