Cochin Shipyard, Paras Defence & Garden Reach surge up to 10% today: Key support, resistance levels to watch

Shares of select defence stocks such as Cochin Shipyard Ltd, Paras Defence and Space Technologies Ltd and Garden Reach Shipbuilders & Engineers Ltd jumped up to 10 per cent in Wednesday's trade. Brokerage Prabhudas Lilladher (PL) has recommended 'Buy' calls on these counters.

Cochin Shipyard's stock today climbed 7.85 per cent to hit a one-year high value of Rs 1,062.15. "After a short consolidation phase, the counter has given a clear breakout. It has scope for a further fresh round of upward move with targets Rs 1,120-1,270 levels. Maintain stop loss at Rs 890," PL said.

In case of Paras Defence, the scrip today moved 7.74 per cent higher to touch a day high of Rs 723. "The stock has taken support near Rs 610 level. "With charts looking attractive, we suggest to buy and accumulate the stock for upside targets of Rs 760-820 levels in the coming days, keeping stop loss at Rs 605," the domestic brokerage stated.

Garden Reach's counter zoomed 9.61 per cent to scale a day high level of Rs 903.70. PL said the stock has recently taken support near Rs 680 after a decent correction from the Rs 920 zone.

"It has indicated a decent pullback with much upside potential visible from current rate," Prabhudas Lilladher mentioned.