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Technical Observations

• The share price of Mazagon Dock Shipbuilders has witnessed breakout from three months consolidation (| 293-239) on back of heavy volumes, signaling resumption of the up move and offers fresh entry opportunity

• Key observations is that the stock has completely retraced its eight weeks decline (| 293-225) in just six weeks. A faster retracement signals a robust price structure

• We expect the stock to endure its northbound journey and gradually head towards | 325 levels in the coming weeks being 138.2% external retracement of Jan-Feb 2022 decline ( | 293-225)

• Among the oscillators the daily MACD is in rising trajectory sustaining above its nine period average and has moved into positive territory thus validates positive bias.

Buy Mazagon Dock Shipbuilders Ltd @ 523.00-532.00 Stop Loss 508.00 Target 575.00

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