Cochin Shipyard, GRSE, Adani Ports: How to trade these 3 buzzing stocks

Indian benchmark indices settled with decent gains on Wednesday amid mixed global cues including de-escalation of tariff tensions, FIIs selling, ceasefire talks in middle-east, quarterly earnings and more. BSE Sensex jumped 410.19 points, or 0.51 per cent to settle at 81,596.63, while NSE's Nifty50 tanked 129.55 points, or 0.52 per cent to end at 24,813.45 for the day.

 

Select buzzing stocks including Cochin Shipyard Ltd, Adani Ports & Special Economic Zone Ltd (APSEZ) and Garden Reach Shipbuilders & Engineers Ltd (GRSE) are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst at YES Securities has to about these stocks ahead of Thursday's trading session:

 

Adani Ports & Special Economic Zone | Buy | Target Price: Rs 1,485 | Stop Loss: Rs 1,340

Adani Ports has been on a three-day decline but signs of a potential recovery are emerging as the stock stabilizes near its point of polarity and previous swing high of Rs 1,377, indicating a possible pullback. A decisive breakout above the recent swing's high of Rs 1,425 could trigger further upward momentum, paving the way for a potential rise towards Rs 1,485. It is crucial for Adani Port to sustain levels above Rs 1,340 to maintain this positive sentiment.

 

Garden Reach Shipbuilders & Engineers | Caution | Resistance: Rs 2,620 | Support: Rs 2,340

GRSE has experienced a rapid ascent, surging from Rs 1,793 to a peak of Rs 2,620, aligning with the broader rally in the defense sectors. Although the trend has smoothly transitioned, it's essential to acknowledge the potential for a cooldown or correction following such a robust rally. In terms of support levels, the base has marginally shifted upwards, now residing around the Rs 2,340 level. Despite recent positive price action, the stock is anticipated to sustain its upward trajectory. However, caution is advised, and investors should prudently manage profits by implementing strict trailing stop-loss measures.

 

Cochin Shipyard | Buy | Target Price: Rs 1,950 | Stop Loss: Rs 1,750

Cochin Shipyard recently underwent a healthy correction, retesting its breakout level of Rs 1,760. The stock exhibited a bullish bias with the formation of bullish doji candle after two days of decline, trading above its important moving averages on the daily charts. Technical indicators suggest further upside potential in the near term. Therefore, we recommend buying Cochin Shipyard around Rs 1,800-1820 with a stop loss set at Rs 1,750, targeting Rs 1,950.