Mazagon Dock shares rise 5%; price targets for short term and more 

Shares of Mazagon Dock Shipbuilders Ltd rose 5% in a volatile market today. The multibagger defence stock climbed 4.72% to Rs 4848.40 in the current session against the previous close of Rs 4629.50. Total 1.66 lakh shares of the firm changed hands amounting to a turnover of Rs 79.12 crore.

The defence stock has gained 105.90% in a year and risen 106% in 2024. The stock has climbed 486% in two years.

In terms of technicals, the relative strength index (RSI) of Mazagon Dock stands at 47.9, signaling it's trading neither in the overbought nor in the oversold zone. Mazagon Dock shares are trading lower than the 5 day, 10 day, 20 day but higher than the 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Market cap of the firm climbed to Rs 95,117 crore.

AR Ramachandran, SEBI registered independent analyst said, "Mazagon Dock stock price is bearish on the Daily charts with strong resistance at 4837. A Daily close below support of 4590 could lead to target of 4244 in the near term."

Riyank Arora, technical analyst at Mehta Equities said, "Mazagon Dock has recently tested its major Anchor VWAP support around Rs 4500, marking a critical level for the stock. This support is expected to hold, and a sharp reversal towards Rs 5300 and Rs 5400 levels is anticipated in the near term. The overall trend remains positive, but traders are advised to maintain a strict stop loss at Rs 4500 on a closing basis to manage downside risks. Buying at current levels or on dips offers a favorable risk-reward setup."

The stock is among Axis Securities' top technical picks.

"The stock found support at the 50% Fibonacci retracement of the rally from Rs 1795 to Rs 5830, positioned at Rs 3830, confirming a mediumterm support base. The daily Relative Strength Index (RSI) is sustaining above its reference line, indicating a positive bias. The RSI has broken above the downward-sloping trendline, further confirming the validity of the breakout in price action. Following the pattern breakout, the stock is expected to commence an uptrend, with target levels projected at Rs 4965 & Rs 5085," said Axis Securities.

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.