Mazagon Dock shares hit record high: Price targets, resistance, technicals and more

Shares of multibagger Mazagon Dock Shipbuilders zoomed to their fresh record high amid a rally in the broader market on Friday. Mazagon Dock Shipbuilders stock surged 14.57% intraday to Rs 2794.40 against the previous close of Rs 2439 on BSE. Total 3.61 lakh shares of the firm changed hands amounting to a turnover of Rs 95.58 crore. Market cap of Mazagon Dock rose to Rs 55,808 crore on BSE.

Mazagon Dock share price has gained 21% in 2024. On the other hand, the stock zoomed 245% in a year and gained 844.71% in two years.

Mazagon Dock shares have a one-year beta of 0.4, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of Mazagon Dock  stands at 61.8, 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.

Aditya Gaggar, Director of Progressive Shares said, "The consolidation of over 8 months comes to an end with a Range Breakout which was accompanied by a sharp uptick in volumes. Looking at the oscillators and trend-following indicators; trendline breakout was witnessed in the RSI while a positive crossover was spotted in the MACD. A reading of 32 in ADX indicates the presence of a strong underlying trend. Summing up all the above conclusions, we feel that the strong uptrend will continue going forward as well and as per the pattern, the target comes at Rs 3170."

Abhijeet from Tips2trades said, "Mazagon Dock stock price is bullish on the daily charts with strong support at  Rs 2380. A daily close above the resistance of  Rs 2595 could lead to a target of Rs 2726 in the near term."

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox said, "Unless the stock price demonstrates strong resilience over Rs 2550, the trend to face selling pressure is at higher levels. A decisive breakout over the same could exhibit a rally to Rs 2900 mark, as per the daily technical set-up. While the medium-term outlook is robust over the support of Rs 2050, the immediate support at Rs 2400 and Rs 2230 must be honoured. The strength indicator, Relative Strength Index has yet to hit the overbought territory, signalling more room for upside."

The defence firm is yet to announce its earnings for the quarter ended March 2024 and FY24.

In the December 2023 quarter, net profit surged 77% to Rs 626.8 crore against Rs 354 crore in the corresponding quarter of previous year. Revenue from operations rose 30% on-year to Rs 2,362.5 crore against Rs 1,815.9 crore in the corresponding period of last year.

EBITDA or operating profit climbed 82% on-year to Rs 539 crore in the December quarter, while margins improved to 22.8%.

About the company

Mazagon Dock Shipbuilders Ltd (MDS) is a shipbuilding and offshore fabrication yard. The company's major activities include shipbuilding, ship repairs and fabrication of offshore structures. It provides warships, merchant ships, submarines, support vessels, offshore platforms, passenger cum cargo vessels, trawlers, main and helidecks and barges.