Shares of gems and jewellery companies were mixed in trade on the occasion of Dhanteras which is being celebrated across the country on Thursday and Friday this year. Meanwhile, benchmark indices had been trading with a negative bias, with Nifty still maintaining above 12680 points.
Titan which sells jewellery under the brand Tanishq added up to 2%, Tribhovandas Bhimji Zaveri Limited (TBZ) also gained up to 4.6 percent, while others including Rajesh Exports which is from the diamond cutting and jewellery space was up marginally and Thangamayil Jewellery traded weak by over 1% at the time of writing this piece.
For Titan in the medium term the outlook looks bullish and a rally towards Rs. 1500- Rs. 1700 can be anticipated as per the weekly chart, it the counter manages to get ahead of the Rs. 1350 mark. For now, the share price of Titan is moving around the resistance of Rs. 1300. The counter's last traded price was Rs. 1289.9 apiece on the NSE.
Also, TBZ with a formation of 'Golden Cross' of 50-day moving average (DMA), and 100-DMA with 200-DMA looks promising, the counter may climb to levels of Rs. 63.