Breakout Stocks: How Cochin Shipyard, Mazagon Dock and GE Shipping are looking on charts for Friday’s trade
Sectorally, buying was seen in capital goods, industrials, public sector, and banks while FMCG stocks saw some selling.
Stocks that were in focus on Thursday include names like Cochin Shipyard (which closed with gains of 20%), Mazagon Dock Shipbuilders (that rose nearly 10%) and Great Eastern Shipping Company (that gained more than 5% to hit a fresh all-time high).
We have collated this list of three stocks that either hit a fresh 52-week or all-time high, or saw a volume or a price breakout.
We spoke to Kush Ghodasara on how one should look at these stocks the next trading day entirely from an educational point of view:
Here’s what the analyst (CMT, SEBI RA: INH000002137) had to say:
Cochin Shipyard
The stock broke out of the rounding pattern at Rs 706 and gave a fast and furious rally after the same to touch Rs 1,100.
Indicators are in the overbought zone. Therefore, new trade is not favourable, but existing trade can be held with a trailing stop loss at a 10-Day average of Rs 915 for the target of Rs 1280.
Mazagon Dock
The stock has been on a dream run after hitting a low in March and has resisted near Rs 1991 for a few weeks.
On Thursday, it gave a breakout with volumes indicating a new momentum.
Indicators have given an internal crossover suggesting a fresh buy.
The stock can be bought in Rs 1991 for a target of Rs 2108 with a stop loss at Rs 1887 for the short-term.
GE Shipping
The stock has been trading in the upside trending channel since the low in March. On Thursday, it clicked a low at the support and bounced back with heavy volumes.
Internal crossover on MACD and RSI suggests a fresh buy for a target of Rs 909, which is upside channel resistance, with stop loss at Rs 798 which is the 10-Day average.
(Disclaimer:
