Buy Mazagon Dock, GRSE shares; avoid Cochin Shipyard stock, says YES Securities

Buy Mazagon Dock, GRSE shares; avoid Cochin Shipyard stock, says YES Securities

An analyst from YES Securities said that GRSE has experienced a significant decline from its peak of Rs 1,878, pulling back to the 61.8% Fibonacci retracement level of its recent rally.

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Mazagon Dock has recently demonstrated a descending trendline breakout after consolidation and is trading comfortably above 100 and 20 SMA on the daily chart, said the analyst.Mazagon Dock has recently demonstrated a descending trendline breakout after consolidation and is trading comfortably above 100 and 20 SMA on the daily chart, said the analyst.
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Pawan Kumar Nahar
  • Sep 5, 2024,
  • Updated Sep 5, 2024 7:27 AM IST

Indian benchmark ended lower on Wednesday amid the muted global cues and possible delays in the rate cuts by the US Fed. However, defensive counters like FMCG and pharma performed decently. BSE Sensex dropped 202.80 points or 0.25 per cent, to end the session at 82,352.64. NSE's Nifty50 dropped merely 81.15 points, or 0.32 per cent, to close at 25,198.70 for the day.  

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Some buzzing defence stocks including Mazagon Dock Shipbuilders Ltd, Cochin Shipyard Ltd and Garden Reach Shipbuilders & Engineers Ltd (GRSE) are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst, YES Securities has to say on these stocks ahead of Thursday's trading session:

 

GRSE has experienced a significant decline from its peak of Rs 1,878, pulling back to the 61.8 per cent Fibonacci retracement level of its recent rally. This correction has brought the stock into a strong multi-layer support zone, beginning with the consolidation above the 100-day SMA on the daily chart. These support levels indicate a robust base, offering a potential accumulation opportunity for short- to medium-term investors. Additionally, the MACD oscillator signals a possible reversal, hinting at an upcoming upward move for the stock. Anticipating the continuation of the recent momentum, we recommend traders consider buying in the range of Rs 1,930-1960, setting a stop loss at Rs 1,730 and targeting Rs 2,375.

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

Indian benchmark ended lower on Wednesday amid the muted global cues and possible delays in the rate cuts by the US Fed. However, defensive counters like FMCG and pharma performed decently. BSE Sensex dropped 202.80 points or 0.25 per cent, to end the session at 82,352.64. NSE's Nifty50 dropped merely 81.15 points, or 0.32 per cent, to close at 25,198.70 for the day.  

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Related Articles

 

Some buzzing defence stocks including Mazagon Dock Shipbuilders Ltd, Cochin Shipyard Ltd and Garden Reach Shipbuilders & Engineers Ltd (GRSE) are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Technical Research Analyst, YES Securities has to say on these stocks ahead of Thursday's trading session:

 

GRSE has experienced a significant decline from its peak of Rs 1,878, pulling back to the 61.8 per cent Fibonacci retracement level of its recent rally. This correction has brought the stock into a strong multi-layer support zone, beginning with the consolidation above the 100-day SMA on the daily chart. These support levels indicate a robust base, offering a potential accumulation opportunity for short- to medium-term investors. Additionally, the MACD oscillator signals a possible reversal, hinting at an upcoming upward move for the stock. Anticipating the continuation of the recent momentum, we recommend traders consider buying in the range of Rs 1,930-1960, setting a stop loss at Rs 1,730 and targeting Rs 2,375.

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