Cochin Shipyard shares: For shares of Cochin Shipyard, 2024 has been nothing short of extraordinary. During the previous session, the stock reached its all-time high value of Rs 1,376.90. The multibagger scrip was up 450% over the previous year and more than 100% year-to-date (YTD) at the mentioned price. The counter was last observed trading on Friday at Rs 1,365.10.
The general consensus among technical specialists was that the counter appeared bullish on daily charts but was overbought. Support lies between Rs 1,260 to Rs 1,250. For additional gains, one expert stated that a firm closing above the Rs 1,377 mark is necessary.
Angel One’s senior research analyst for technical and derivatives, Osho Krishan, stated: “The stock is in a secular upswing and is currently trading near its all-time highs. The counter is currently in overbought area. Given the recent run, it is best to exercise care as it may draw some profit booking. The level of Rs 1,250 serves as the immediate support, with the level of Rs 1,100 following in a similar time frame. It is hard to identify the resistance on the higher end. For short-term investors, trailing stop losses are therefore advised.”
“The stock looked strong on daily charts,” stated Religare Broking’s Senior Vice-President (Retail Research), Ravi Singh. In the near future, it can reach an upside level of Rs 1,450. Maintain the stop loss at INR 1,280.”
Tips2trades’ AR Ramachandran stated: “Cochin Shipyard is bullish, but it’s also quite overbought on daily charts, with Rs 1,432 as the next resistance. Investors should continue booking profits because a daily closure below the support level of Rs. 1,258 might eventually push the market down to Rs. 1,046.”
“Support will be at Rs 1,255 and resistance at Rs 1,377,” stated Jigar S. Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares & Stock Brokers. There could be more upward potential up to Rs 1,450 in response to a strong close above Rs 1,377. The anticipated trading range for the next month is between Rs 1,200 and Rs 1,450.”
Promoter ownership accounted for 72.86% of the corporation as of March 2024.
( Disclaimer: This is not intended to be used as investment advice; Businessuncover merely offers stock market news for informative reasons. Before making any investing decisions, readers are advised to speak with a licensed financial advisor.)
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