Trader's Pick - Cochin Shipyard Ltd For Target Rs. 310 By GEPL Capital
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Cochin Shipyard Ltd.
About the Company
Cochin Shipyard Ltd (CSL) is one of the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, in the state of Kerala, India. Of the services provided by the shipyard are building platform supply vessels and double-hulled oil tankers. Presently it is building the first indigenous aircraft carriers for the Indian Navy, the INS Vikrant. The company has Miniratna status. The yard has facilities to build vessels up to 1.1 lakh tons and repair vessels up to 1.25 lakh tons, the largest such facilities in India.
Points to consider
* The price chart of Cochin Shipyard has formed a 4 month long rectangle pattern between 380 and 345. The horizontal boundary of 345 has been tested several times during the course of the pattern.
* The prices have also remained below the 200dma for many days now.
* A daily close below 334.65 will confirm a downward breakdown. The stock can be sold on breakout with a possible price target of 310.
* An initial stoploss anywhere above 345. We suggest an initial stoploss of 360 which can later be trailed as the prices move down.
Cochin Shipyard Ltd Current Price: ₹ 344 | Target: ₹ 310 | ACTION: SELL below 334
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