India's Titagarh Wagons at new record high; stock in overbought zone

Titagarh Rail Systems

20/04/2023 08:35

** Shares of Titagarh Wagons  TITW.NS  surges 14.43% to
record high of 343.70 rupees in above-avg trading volume
    ** Large investor Madhusudan Kela, through Mahima Stocks,
buys 1.65% stake in TITW, NSE data shows
    ** Stock last up ~10.5%, is on a four-day rally in which it
has gained about 18%
    ** Stock has been at record high levels for most of this
year due to contract wins and bullish analyst commentary
    ** Trading vol closing in on 6 mln as of 12:49 p.m. IST,
already stock's busiest day in 15 months
    ** TITW is up ~48.5% YTD, following a 141% surge in 2022 and
 59.5% jump in 2021
    ** TITW's RSI is 80, suggesting it may be overbought; MACD
line is above signal line since Mar 31, suggesting bullish bias

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))