Technical Stock Idea From Vaishali Parekh Of Prabhudas Lilladher For Medium Term: Buy Miniratna Stock

Indian share market opened low on Wednesay, March 8, 2023 from the fallout of SGX index. By noon both the major benchmark indices were trading lower. The Sensex was down 151.41 points or 0.25% at 60,073.05, and the Nifty was down 42.40 points or 0.24% at 17,662.90.

Recently it was observed that the price of one stock, Cochin Shipyard Limited surged by 69.32% in one year. Vaishali Parekh, Vice President - Technical Research, of Prabhudas Lilladher Pvt. Ltd has also suggested this stock for medium term based on technical analysis.

Buy stock of Cochin Shipyard Limited, with a target price of Rs 540 and stop loss of Rs 455 per share

"The stock has witnessed a decent correction from 687 levels and currently has consolidated and bottomed out near the significant 200DMA zone of 450 levels and thereafter witnessing a pullback to improve the bias with decent volume participation witnessed. The RSI is well placed and has indicated a trend reversal to signal a buy indicating much upside potential from here on. We recommend a buy in this stock for an upside target of 540 keeping a support level of 455."

Cochin Shipyard Limited, is a mid cap company. It is one of the largest shipbuilding and maintenance facility in India, that has a Miniratna status. It was incorporated in the year 1972 as a fully owned Govt of India company, its located in the port-city of Kochi, in the state of Kerala.

Of the services provided by the company are building platform supply vessels and double-hulled oil tankers. It can build ships up to 1,10,000 deadweight tonnage (DWT) and repair ships up to 1,25,000 DWT.

The yard has delivered two of India's largest double hull Aframax tankers each of 95,000 DWT. This mid cap company built the first indigenous aircraft carriers for the Indian Navy, the INS Vikrant. Its current market capitalisation is Rs 6,339.59 crore

The current market price of Cochin Shipyard Limited stock is Rs 481.95 per share, it is up 7.70 points (1.62%) over previous day. Its 52-week high is at Rs 686.80 per share and 5 week 2-low is at Rs 281 per share.

Disclaimer:

The stocks have been picked from the brokerage report of Prabhudas Lilladher, Greynium Information Technologies and the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.