Cochin Shipyard shares zoom 100% in 2024 so far; how long will the rally continue?

Cochin Shipyard shares zoom 100% in 2024 so far; how long will the rally continue?

The calendar year 2024 has been nothing short of magnificent for Cochin Shipyard shares. The stock scaled its all-time high value of Rs 1,376.90 during the previous session. At the said price, the multibagger scrip was up more than 100 per cent on a year-to-date (YTD) basis and 450 per cent in the past one year. The counter was last seen trading at Rs 1,365.10 on Friday.

Technical analysts largely suggested that the counter looked bullish but overbought on daily charts. Support will be at the Rs 1,260-1,250 zone. On the higher side, a decisive close above Rs 1,377 level is required for further upside, one of the analysts said.

Osho Krishan, Senior Research Analyst – Technical & Derivatives at Angel One, said, “The stock is in a secular uptrend, hovering at its lifetime highs. Currently, the counter is in overbought territory. It is advisable to maintain caution as it might attract some profit booking after the recent run. The immediate support lies around Rs 1,250, followed by Rs 1,100 level in the comparable period. On the higher end, it’s difficult to find the resistance. So, trailing stop losses are advisable for short-term investors.”

Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, “The stock looked strong on daily charts. It may see an upside level of Rs 1,450 in the near term. Keep stop loss at Rs Rs 1,280.”

AR Ramachandran from Tips2trades said, “Cochin Shipyard is bullish but also very overbought on daily charts with next resistance at Rs 1,432. Investors should keep booking profits as a daily close below support of Rs 1,258 could lead it to a target of Rs 1,046 in the near term.”

Jigar S Patel, Senior Manager – Technical Research Analyst at Anand Rathi Shares and Stock Brokers, said, “Support will be at Rs 1,255 and resistance at Rs 1,377. A decisive close above Rs 1,377 level may trigger a further upside till Rs 1,450. The expected trading range will be between Rs 1,200 and Rs 1,450 for a month.”

As of March 2024, promoters held a 72.86 per cent stake in the company.

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