Cochin Shipyard Stock Hits Record High, Analysts Predict Further Upside

Shares of Cochin Shipyard surged to an all-time high today, marking the third consecutive session of gains amidst an overall market rally. The stock price climbed by 11% to reach Rs 1225 from the previous day’s closing of Rs 1105.15 on the Bombay Stock Exchange (BSE). The company’s market capitalization also soared to Rs 32,049 crore.

Cochin Shipyard’s stock opened at Rs 1116.85, and the trading volume on BSE hit 8.80 lakh shares, amounting to a substantial turnover of Rs 104.15 crore. With a one-year beta of 0.4, the defense stock has displayed very low volatility over the past year.

The stock has delivered impressive returns, with a 149.31% surge in the last six months and a remarkable 398% growth over the year. Technically, the Relative Strength Index (RSI) currently stands at 64.5, indicating a neutral trading position. Cochin Shipyard shares are trading above various key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages.

Anand Rathi‘s Senior Manager of Equity Research, Jigar S Patel, highlighted the recent breakout in Cochin Shipyard stock, noting the breach of the previous price range and surpassing the all-time high. Patel suggested a bullish sentiment among investors and anticipated further upside towards the Rs 1350 mark in the coming trading sessions based on technical indicators like the RSI.

Market expert Ravi Singh echoed similar sentiments, attributing Cochin Shipyard’s impressive performance to the government’s emphasis on defense indigenization. Singh advised investors to hold existing positions with a stop loss at Rs 1030 and suggested waiting for a dip before initiating fresh positions due to the stock being in an overbought territory.

Offering a slightly cautious outlook, Abhijeet from Tip2trades flagged Cochin Shipyard’s bullish yet overbought status on the daily charts. He recommended investors to consider booking profits at current levels, highlighting the next resistance at Rs 1272 and a support level at Rs 1093, below which a near-term target of Rs 978 could be in play.