1 day Ago
Shares of Mazagon Dock Shipbuilders Ltd. hit a record high on Tuesday, April 29, when the stock gained for the second straight day, extending its gains from Monday's trading session. Shares of the Defence PSU have surged 15% in the last two trading sessions.
The stock had made a low of ₹1,917 on February 19 this year, from where it has begun a swift recovery towards a record high. From the February lows, the stock has gained 60%. Mazagon Dock's shares have surged 15% this month, extending their gains from the 24% upmove seen in March.
Defence stocks have been in focus this week due to the ongoing border tensions between India and Pakistan. The Indian government has given the armed forces full operational freedom to decide the mode, time and location of the response to be given to the Pahalgam terrorist attack last week. Along with Mazagon Dock, shares of its other defence peers have also surged up to 30% over the last two trading sessions.
But with the stock having made a record high, is there more upside in store? "Mazagon Dock appears to be entering a new bullish phase, having completed a one-year accumulation in the form of a ‘Rounding Bottom’ on its weekly chart. Recently, the stock confirmed a breakout from a ‘V’-shaped recovery pattern, with the neckline placed near ₹2,780. This breakout itself suggests an immediate potential upside towards ₹3,480," said Sacchitanand Uttekar of Tradebulls.
"Moreover, the weekly ADX is now on the verge of breaching its key 20 level mark, which often signals the start of a strong directional momentum trend. This technical development increases the probability of the stock continuing its upward trajectory towards ₹3,950 over the next six months, with limited interruptions. Strategy still remains the same to keep accumulating Mazdock on every dip up to ₹2,800, with a positional target of ₹3,950.
A weekly closing stop loss should be now placed below ₹2,610," he added. Out of the six analysts that have coverage on Mazagon Dock, four of them have a "buy" rating on the stock, while one analyst each have a "hold" and "sell" rating. Shares of Mazagon Dock Shipbuilders had ended 8.
7% higher on Tuesday at ₹3,029. The stock is now up 35% so far in 2025..
