Buy Titan close to Rs 220, says Manoj Murlidharan Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "The cash based accumulation becomes a very important aspect because Titan Industries would not really rally more than 4-5 percent till the time we do not see cash accumulation. Stock Futures buying or selling from the derivatives side will hugely generate beta on the prevailing portfolio. If one is holding a scrip it will give an additional 2-3 percent."

"Titan is almost close to Rs 230-231 now. If I am getting a level at least close to Rs 220 I would buy there, keep a stop loss of Rs 214 and then go for a level of Rs 240 on that," he added.

At 14:03 hrs Titan Industries was quoting at Rs 229.50, up Rs 13.60, or 6.30 percent. It has touched an intraday high of Rs 231.75 and an intraday low of Rs 218.00.

The share touched its 52-week high Rs 313.60 and 52-week low Rs 200.00 on 30 November, 2012 and 13 June, 2013, respectively. Currently, it is trading 26.82 percent below its 52-week high and 14.75 percent above its 52-week low. Market capitalisation stands at Rs 20,374.69 crore.

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