Shares of Mazagon Dock Shipbuilders Ltd rose over 7% amid weakness in the broader market. The multibagger stock rose 7.47% to Rs 4599 on Tuesday against the previous close of Rs 4279.05. Market cap of the firm climbed to Rs 91,381 crore. Mazagon Dock shares have gained 110% in a year and risen 626% in two years. The stock has zoomed 1596% in three years.
Total 2.13 lakh shares of the firm changed hands amounting to a turnover of Rs 95.22 crore.
In terms of technicals, the relative strength index (RSI) of Mazagon Dock stands at 50.2, signaling it's trading neither in the overbought nor in the oversold zone. Mazagon Dock shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Here's a look at what analysts said on the outlook of the stock.
Shiju Koothupalakkal - Technical Research Analyst, PL Capital- Prabhudas Lilladher said, "The stock has witnessed a decent erosion from the peak zone of Rs 5860 and recently, after making a low of Rs 3852, has indicated a decent pullback with currently having a positive candle formation with significant volume participation to move past the confluence of 50EMA and 200 period MA at 4315 zone, improving the bias and anticipating for further rise in the coming days. The RSI has indicated a positive trend reversal from the highly oversold zone to signal a buy and has much upside potential to carry on with the positive move further ahead. With the chart technically looking very attractive, one can buy the stock for an upside target of Rs 5100, keeping the stop loss of Rs 4000."
Osho Krishan, Senior Analyst - Technical & Derivatives, Angel One said, "Mazagon Dock has undergone profit booking, followed by a time-wise corrective phase after the vertical rally. Currently, the stock has seen some support near its 100 DEMA on the daily time frame chart and showcased a sign of respite from its corrective phase. On the level-specific front, Rs 4200, followed by Rs 4000, is likely to provide cushion to any upcoming blips in the near future. While on the higher end, Rs 4800- Rs 4900 (Bearish Gap) is the crucial hurdle, and momentum is likely to return once it breaches the same authoritatively."
Meanwhile, Sensex fell 225 pts to 81,748 and Nifty slipped 68 pts to 25,059 in the afternoon session today.
Mazagon Dock Shipbuilders Ltd (MDSL) is a leading defence public sector undertaking shipyard under the Ministry of Defence (MoD). Mazagon Dock is primarily engaged in constructing and repairing warships and submarines for MoD and other types of vessels i.e. cargo ships, multipurpose support vessels, barges and border outposts, tugs, dredgers, water tankers, etc. for commercial clients.