Cochin Shipyard shares approach Rs 1,400 mark, hit record high; what’s next?

Shares of Cochin Shipyard hit their record high today almost touching the Rs 1400 mark for the first time ever. The multibagger defence stock has climbed 394% in a year and gained 733% in two years. Cochin Shipyard stock gained 3.81% to a high of Rs 1397.25 against the previous close of Rs 1345.90. Market cap of the defence stock stood at Rs 35,880 crore.

Cochin Shipyard stock opened higher at Rs 1350.95 on BSE. Total 2.90 lakh shares of the firm changed hands amounting to a turnover of Rs 39.90 crore on BSE. Cochin Shipyard has a one-year beta of 0.6, indicating 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.

Gaurav Bissa, VP, InCred Equities is bullish on the defence stock in the short term.

"Cochin Ship has been in a strong uptrend with consistent formation of higher highs and higher lows. It has also been getting strong push from its 55EMA on the daily charts which has been catapulting the price since the last couple of years. It is on the verge of a fresh swing high breakout on daily charts, which will be confirmed on a close above Rs 1380 levels which can then push the price towards Rs 1460-1480 levels. Momentum is likely to augment once RSI trades above 70 levels on the daily charts," said Bissa.

Abhijeet from Tips2trades said, ""Cochin Shipyard stock price is  bullish on the Daily charts with strong support at 1327.  A Daily close above resistance of 1460 could lead to a fall till 1685 in the near term."