Multibagger defense stock in a bull run: Price targets, resistance, technicals and more

Multibagger defense stock in a bull run: Price targets, resistance, technicals and more
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Shares of Cochin Shipyard are trading at fresh record high, rising 50% in the last one month. The multibagger defense stock has climbed 418% in one year and 678% in two years. With the stock rising too far too soon, it has entered the overbought zone, signals its RSI at 71.8. The stock hit a record high of Rs 1378.95 in the previous session. However, it saw profit-booking and ended 2.57% lower at Rs 1303 on BSE. Market cap of the defense stock stood at Rs 34,283 crore.

Earlier, Cochin Shipyard stock opened higher at Rs 1339.35 on BSE. Total 1.26 lakh shares of the firm changed hands amounting to a turnover of Rs 16.81 crore on BSE.

Cochin Shipyard has a one-year beta of 0.4, indicating very low volatility during the period. Cochin Shipyard shares stand higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Riyank Arora, Technical Analyst at Mehta Equities said, “The stock is trading well above its anchor VWAP support mark of Rs 1220 – 1240, showing overall strong signs of momentum. The stock has good resistance near Rs 1375 levels, above which the next resistance lies near Rs 1450 and Rs 1500 levels. An immediate support is placed at Rs 1275 levels. We expect the trend to remain positive, and the stock to follow a buy-on-dips approach, eventually approaching the price targets of Rs 1450 and Rs. 1500.”

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Avdhut Bagkar, Derivatives & Technical Analyst at StoxBox said, “Shares of Cochin Shipyard must overcome the selling pressure emerging at Rs 1400 level. When that occurs, a breakout could see the price action heading to Rs 1550. On the downside, the stock has a support at Rs 1250 and Rs 1200 levels, where accumulation is anticipated.”

Abhijeet from Tips2trades said, “Cochin Shipyard is bearish and also overbought on the Daily charts with strong resistance at Rs 1378.Investors should keep booking profits as a Daily close below support of Rs 1251 could lead to target of Rs 1100 in the near term. “

Disclaimer: Business Today provides stock market news for informational purposes only and should not be constructed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

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