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Published on 7/07/2020 10:59:56 AM | Source: ICICI Direct

Buy Cochin Shipyard Ltd For Target Rs. 348 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Defence Sector #Cochin Shipyard Ltd #Trading Report #ICICI Direct

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Technical Observations

* The stock is forming higher high and higher low in the daily chart and is seen trading in a well defined rising channel in the last two months signalling sustained demand at elevated levels. It has recently rebounded taking support at the lower band of the channel thus provides fresh entry opportunity

* It has witnessed a sharp up move on Monday’s session and has closed firmly above the 200 days EMA (Rs. 313) signalling overall positive price structure

* We believe, the stock has strong support at | 305-302 levels, as it is the 80% retracement of the current up move (Rs. 294-336) .

* The up move on Monday’s session is supported by strong volume of more than four times the 50 days average volume of 6 lakhs share per day signalling larger participation in the direction of trend

* We expect the stock to maintain positive bias and head towards Rs.348 levels as it is the 161.8% external retracement of the recent decline (Rs. 324-294) placed at Rs.348 levels

Buy Cochin Shipyard Ltd @315.00-322.00 Target 348.00 SL 301.00

 

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