TTK Prestige breaches prior all-time high, gains 9 per cent

TTK Prestige, a kitchenware company, surged as much as 9 per cent from its previous close, despite a highly volatile market on Monday. After a flat opening, the stock corrected slightly reacting to the gap-down opening in the markets but managed to kick-off a bounce back in the 5th minute itself and thereby witnessed a sharp updrive throughout the day, notwithstanding the market's roller-coaster ride. The stock hit a high of almost 7950 and closed nearly at 7783, gaining 663 points from the previous close. The stock is now trailing at all-time high levels.

TTK Prestige which earns most of its revenue from the sale of kitchen appliances has recently launched a electric mop and a range of water purifiers through its newly opened division. Clean Home. This home cleaning solutions division is forecasted to add nearly 8-10 per cent to its top line in the next three years. The mop will be priced at Rs. 8,995, while the price of the purifiers would range between Rs. 2,995-4,495.

Speaking of the near-term movement, the stock witnessed multiple resistance breakouts at 6800 on December 1 and thereafter rallied up to 10 per cent. After witnessing a correction for 3 days, the stock bounced back on Monday from near its 50 per cent retracement of the prior upward rally, breaching prior all-time high at 7500. The bounce was supported by rising volumes and 14-period RSI positive crossover though in a overbought zone.