Produced by: Aseem Thapliyal
Shares of Cochin Shipyard hit a record high today. The defence stock climbed 10.21% intraday to Rs 1085 on BSE. Market cap of Cochin Shipyard stock climbed to Rs 28,231 crore. The stock has risen 357% from its 52 week low. It fell to a 52-week low of Rs 234.53 on May 25, 2023.
Cochin Shipyard stock ended 9% higher at Rs 1073.10 on BSE. Total 5.18 lakh shares of the firm changed hands amounting to a turnover of Rs 54.27 crore on BSE. Cochin Shipyard has a one-year beta of 0.4, indicating very low volatility during the period.
Cochin Shipyard shares have delivered multibagger returns of 100% in the last six months and risen 345% in a year. Cochin Shipyard shares stand higher than the 5 day, 20 day, 50 day, 100 day, 200 day moving averages.
Vaishali Parekh, Vice President-Technical Research, Prabhudas Lilladher said,"Cochin Shipyard after a short consolidation phase has given a clear breakout above the rectangular box formation at Rs 940 levels and with bias getting stronger has scope for further fresh round of upward move with targets of Rs 1120 and Rs 1270 levels. One can maintain the stop loss at Rs 890 levels."
Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox said, "The stock reached a new historic peak on Wednesday, on renewed momentum propelled by rising volumes. Going forward, until the stock trades over the key support of Rs 970 (needs to be considered on the closing basis), the momentum is anticipated to rally in the direction of Rs 1,200. Despite the price entering the overbought territory of the Relative Strength Index (RSI), the price sentiment has not deteriorated. The medium term support exists at Rs 871, its 50-DMA followed by Rs 756 which is its 100-DMA. The trend to witness accumulation above these key supports."
Abhijeet from Tips2trades said, "Cochin Shipyard stock price looks bullish but also overbought on the daily charts with next resistance at Rs 1,100. Investors should keep booking profits as a daily close below the support of Rs 1,008 could lead to a target of Rs 870 in the near term."
Rahul Ghose, CEO, Hedged.in said, "Cochin Shipyard's stellar move on the upside is backed by strong fundamentals coupled with excellent results in the December quarter and the quarter prior to that. Its net profit too has had phenomenal growth and the charts show a long term support on the monthly time frame between Rs 950 and Rs 900. One can continue to hold the counter for the medium term keeping the above-mentioned buy level as the bottom end range as a result of any corrections."
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