Mazagon Dock shares zoom over 190% in a year; analysts see more upside potential
Mazagon Dock share price: The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 67.36. A level below 30 is defined as oversold while a value above 70 is considered overbought.
- Dec 28, 2023,
- Updated Dec 28, 2023 12:30 PM IST
2023 has been a terrific year for the shares of Mazagon Dock Shipbuilders Ltd. The stock has gained more than 192 per cent on a year-to-date (YTD) basis. The company has bagged multiple projects this month, including one from the Ministry of Defence. Despite the mentioned rise, the scrip was last seen trading 1.67 per cent lower at Rs 2,302.40 on BSE today.
Technical analysts largely remained positive on the counter, suggesting further upside potential in the near term. Support could be seen around Rs 2,200. On the higher side, it may scale up to Rs 2,600 level.
"The stock is likely to head towards Rs 2,400-2,500 in a couple of weeks," Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets told Business Today TV.
"A sustainable buying above Rs 2,300 is likely to trigger a fresh round of rally in the counter in the near period for another 200-300-odd points. On the downside, Rs 2,180 is likely to cushion any short-term blip with sacrosanct support near the 2,100 zone," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"The near-term target is around Rs 2,470 level while support would be at the Rs 2,220 zone," said Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher.
"Mazagon Dock's stock is under consolidation from the last four to five months. Now, it is ready for big moves. One can buy near Rs 2,270 with a stop loss of Rs 2,190 for targets of Rs 2,500 to 2,600," said Vaibhav Kaushik, Research Analyst at GCL Broking.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 67.36. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 37.64 against a price-to-book (P/B) value of 9.89.
As of September 2023, promoters held 84.83 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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2023 has been a terrific year for the shares of Mazagon Dock Shipbuilders Ltd. The stock has gained more than 192 per cent on a year-to-date (YTD) basis. The company has bagged multiple projects this month, including one from the Ministry of Defence. Despite the mentioned rise, the scrip was last seen trading 1.67 per cent lower at Rs 2,302.40 on BSE today.
Technical analysts largely remained positive on the counter, suggesting further upside potential in the near term. Support could be seen around Rs 2,200. On the higher side, it may scale up to Rs 2,600 level.
"The stock is likely to head towards Rs 2,400-2,500 in a couple of weeks," Mileen Vasudeo, Senior Technical Research Analyst at Arihant Capital Markets told Business Today TV.
"A sustainable buying above Rs 2,300 is likely to trigger a fresh round of rally in the counter in the near period for another 200-300-odd points. On the downside, Rs 2,180 is likely to cushion any short-term blip with sacrosanct support near the 2,100 zone," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"The near-term target is around Rs 2,470 level while support would be at the Rs 2,220 zone," said Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher.
"Mazagon Dock's stock is under consolidation from the last four to five months. Now, it is ready for big moves. One can buy near Rs 2,270 with a stop loss of Rs 2,190 for targets of Rs 2,500 to 2,600," said Vaibhav Kaushik, Research Analyst at GCL Broking.
The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 67.36. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 37.64 against a price-to-book (P/B) value of 9.89.
As of September 2023, promoters held 84.83 per cent stake in the company.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
Also read | Jhunjhunwala stock portfolio value tops Rs 48,000 crore as Tata Motors, Titan shares shine
Also read | Are BHEL, NTPC shares overvalued? Disconnect between perception and reality, says Kotak