Mazagon Dock Shipbuilders Ltd shares rose sharply in Wednesday's trade. The stock jumped 11.54 per cent to hit a day high of Rs 2,225. Analysts at brokerage Prabhudas Lilladher (PL) have given a 'Buy' on the counter with a near-term target price of Rs 2,500.
"The stock has witnessed a decent slide in the last two months. It has now indicated a bullish candle formation moving past Rs 1,975 levels to improve the bias. One can anticipate a further upward move in the coming days. The RSI (Relative Strength Index) has recovered strongly from the oversold zone, indicating a positive trend reversal. We suggest buying it for an upside target of Rs 2,500 level. Keep stop loss at Rs 1,780," PL stated.
Separately, other analysts also shared positive views on Mazagon Dock. Mazagon has recouped with strong volumes, suggesting a reversal from its short-term trend, said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"Rs 2,000 is likely to cushion any blip, followed by sacrosanct support at the Rs 1,980-1,950 zone. On the higher end, the counter has a stiff resistance around Rs 2,300 and a decisive breach above the said level can only trigger a further upside till Rs 2,500 zone in the comparable period," Krishan stated.
"Mazagon Dock stock price is bullish on daily charts with strong support at Rs 2,034. A daily close above resistance of Rs 2,260 could lead to an upside target of Rs 2,400 in the near term," said AR Ramachandran from Tips2trades.
The counter saw heavy trading volume on BSE today as around 2 lakh shares changed hands at the time of writing this story. The figure was higher than the two-week average volume of 69,000 shares.
Turnover on the counter came at Rs 43.04 crore, commanding a market capitalisation (m-cap) of Rs 44,406.09 crore. There were 3,33,417 buy orders as against sell orders of 18,579 shares.