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Published on 25/11/2020 12:33:42 PM | Source: ICICI Direct

Stock Picks - Buy Cochin Shipyard Ltd For Target Of Rs. 388 - ICICI Direct

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

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Technical Observations

* The stock is seen rebounding after forming higher base at the crucial support area of | 320-340 as it is the confluence of the lower band of the rising channel in placed since May 2020 and rising 52 weeks EMA (currently at | 335 levels) as can be seen in the adjacent chart, thus offers fresh entry opportunity with a favourable risk reward set up

* Structurally the stock has already taken 13 weeks to retrace just 38.2% of the previous 13 weeks up move (| 218-371). A shallow retracement of the previous up move signals a robust price structure and a higher base formation

* The stock has immediate support around the 52 weeks EMA placed around | 335 levels

* Among the oscillators the weekly MACD(12,26,9) is seen sustaining above its nine periods average thus validates positive bias

* We believe the recent consolidation has approached maturity and the stock is expected to resume fresh up move and head towards | 388 levels in the coming sessions as it is the 61.8% retracement of the entire CY 2020 decline | 491 to 209 placed around | 388 levels

Buy Cochin Shipyard Ltd @ 348.00-355.00 TGT 388 SL 333

 

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