Cochin Shipyard shares: The year 2024 has been exceptionally positive for Cochin Shipyard shares. In the previous session, the stock reached its highest-ever value of Rs 1,376.90. At this level, the stock had surged over 100 percent year-to-date and 450 percent over the past twelve months. On Friday, the stock was last observed trading at Rs 1,365.10.
Many technical analysts indicated that the stock appeared bullish but was also overbought according to daily charts. They identified support levels around the Rs 1,260-1,250 range. Additionally, to see further upward movement, it was stated by one analyst that a decisive close above the Rs 1,377 mark would be necessary.
Osho Krishan, Senior Research Analyst specializing in Technical & Derivatives at Angel One, remarked, “The stock is experiencing a consistent upward trend, currently reaching its all-time highs. However, it’s important to note that the stock is currently overbought. Investors should exercise caution as there may be some profit-taking following the recent surge. Immediate support levels are estimated at around Rs 1,250, followed by Rs 1,100 within a similar timeframe. Regarding resistance levels, they are challenging to pinpoint at the moment. Therefore, short-term investors should implement trailing stop losses.”
According to Ravi Singh, Senior Vice-President of Retail Research at Religare Broking, the stock appears robust based on daily charts. There’s potential for it to reach a near-term upside target of Rs 1,450. He advises setting a stop loss at Rs 1,280.
Cochin Shipyard shares
According to AR Ramachandran from Tips2trades, Cochin Shipyard is exhibiting bullish behavior, but it’s also significantly overbought according to daily charts. The next resistance level is expected at Rs 1,432. Ramachandran advises investors to continue booking profits, as a daily close below the support level of Rs 1,258 could potentially lead to a target of Rs 1,046 in the near term.
Jigar S Patel, Senior Manager and Technical Research Analyst at Anand Rathi Shares and Stock Brokers mentioned that support is anticipated at Rs 1,255 with resistance expected at Rs 1,377. He suggests that a decisive close above the Rs 1,377 level could potentially initiate further upward movement towards Rs 1,450. For the upcoming month, the projected trading range is forecasted to be between Rs 1,200 and Rs 1,450.
Also Read: Tech Mahindra Q4 results
As of March 2024, the company’s promoters maintained a 72.86 percent ownership stake.
Disclaimer: Stockeasynow provides stock market news for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.
