ICICIdirect issued Buy call on Titan Company. The stock broker recommends buying stock for target of Rs 450 in the range of Rs 380-386 in three month’s time in its report.

Commenting on the investment rationale, the stock broker said, "Since the start of the September series, the Nifty has moved up almost 3% from 7,950 to 8,150 and is on course to meet our monthly derivatives target of 8,200. This up move continues to see good participation on part of stocks from all sectors. The open interest in Titan had declined since May, 2014. The OI had come down from 9.18 million to 5.75 million shares (38% reduction)."

"We believe the stock witnessed long liquidation but price wise remained quite resilient and did not witness much correction. It went into time correction. The open interest has again started increasing, of late, which signals towards possibility of increase in upward momentum in the stock", it added.

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