Cochin Shipyard stock is medium term tech pick of Vaishali Parekh
1 min read 08 Mar 2023, 01:05 PM ISTDomestic brokerage house Prabhudad Lilladher has come out with a technical pick idea for the medium term. Let's take a look
PremiumIndian shares fell on Wednesday, tracking a slide in global equities after US Federal Reserve Chair Jerome Powell reiterated the likelihood of steep rate hikes to tackle inflation. The Nifty 50 index tumbled 0.11 per cent to 17,693.50, while the S&P BSE Sensex lost 0.12 per cent to 60,146.41 as of 10:19 am.
Eleven of the 13 major sectoral indexes declined, with high weightage information technology shedding 0.7 per cent.
Thirty-one of the Nifty 50 constituents logged losses with Hindalco and IT stocks falling the most.
Meanwhile, domestic brokerage house Prabhudad Lilladher has come out with a technical pick idea for the medium term. Let's take a look.
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher has selected 'Cochin Shipyard' stock as its medium term technical pick. Parekh has given a "Buy" action on Cochin Shipyard with a target price of ₹540. This represents an upside of 12.50 per cent and the current market price is ₹482. Stop loss can be kept at ₹455.
“The stock has witnessed a decent correction from 687 levels and currently has consolidated and bottomed out near the significant 200DMA zone of 450 levels and thereafter witnessing a pullback to improve the bias with decent volume participation witnessed. The RSI is well placed and has indicated a trend reversal to signal a buy indicating much upside potential from here on," Parekh said in the research report.
At the time of writing the report, Cochin Shipyard Ltd was trading at ₹482.00 apiece, up 1.62% on NSE. The stock has risen 69.29 per cent in the last one year. The mid-cap's market value is nearly ₹6,338 crore at the moment.
