Titagarh Rail Systems witnessed profit booking in the last two weeks after touching a all-time high of Rs 867.70. Post the sharp selloff, the stock has seen pullback from its 50-DMA. 
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Titagarh Rail Systems witnessed profit booking in the last two weeks after touching a all-time high of Rs 867.70. Post the sharp selloff, the stock has seen pullback from its 50-DMA. Domestic stock indices ended on Wednesday, thanks to the buying seen in the second half of the session. The BSE barometer Sensex gained 245.86 points, or 0.37 per cent, to settle at 67,466.99. The NSE Nifty gained 76.80 points, or 0.38 per cent, to end at 20,070. This was the first time when the NSE benchmark settled above the 20,000 level. Select railway stocks namely Jupiter Wagons Ltd, Titagarh Rail Systems Ltd and Texmaco Rail & Engineering Ltd are likely to remain under the spotlight today. Here is what Laxmikant Shukla, Technical Research Analyst at YES Securities has to say on these stocks ahead of Thursday's trading session:Jupiter Wagons | Caution | Resistance: Rs 395 | Support: Rs 310 Jupitar Wagons was in a strong uptrend since April 2021, where price rallied from Rs 15 to Rs 411 levels. After forming an all-time high at Rs 411, the stock has been encountering selling at every intermediate rally, indicating the bulls are losing grip. Also, on the weekly chart, the stock has formed an ‘Evening Doji Star’ candlestick pattern. The pattern would be confirmed once the stock price decisively breaks below Rs 310 level. A breakdown from the said pattern would signal a caution on the uptrend and the trend likely to transit from ‘bullish’ to ‘bearish’.Titagarh Rail Systems | Range-bound | Resistance: Rs 845 | Support: Rs 670 Titagarh Rail Systems witnessed profit booking in the last two weeks after making a new life-time high of Rs 867.70. Post a sharp selloff, the stock has seen pullback from its 50-DMA and formed a Hammer candlestick pattern on the daily scale. On oscillator fronts, the stock is showing mixed signals. Bearish MACD and bullish stochastic suggest ambiguity on the directional move. However, on the downside, the stock has formed base around the zone of Rs 680-670 levels. Hence, a decisive move on either side is required for any unidirectional move.Texmaco Rail & Engineering | Caution | Resistance: Rs 157 | Support: Rs 124 Texmaco Rail has been hammered sharply in the last week from its top. The index has formed a Bearish Engulfing candlestick pattern on the daily chart. The sharp selloff has led the price to drop towards its key support level of Rs 124. Around the similar juncture, the stock has formed a Double Top price pattern. It needs decisive breakdown to carry this momentum further down. Going ahead, if the mentioned support zone breaches decisively, selling pressure would get extended towards Rs 110 level. Disclaimer: Under no circumstances should any person at this platform make trading decisions based solely on the information discussed herein. You should consult a qualified broker or other financial advisor prior to making any actual investment or trading decisions. All information is for educational and informational use only. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.
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