Mazagon Dock shares jump 8% to hit record high; is more steam left?

Mazagon Dock Shipbuilders Ltd shares zoomed in Wednesday's trade, in line with the sharp run in most of the defence stocks. The stock surged 7.55 per cent to hit an all-time high of Rs 3,229. It was last seen trading 3.27 per cent up at Rs 3,100.55. At this price, the scrip has gained 16.51 per cent in a month.

A few technical analysts said the counter is trading at its resistance level. And, an extended rally is only possible once it decisively breaches Rs 3,230 level.

Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi, said, "Support will be at Rs 3,000 and resistance at Rs 3,230. A decisive move above Rs 3,230 level may trigger a further upside towards Rs 3,350. The expected trading range will be between Rs 3,000 and Rs 3,350 for the short term,"

Kunal Kamble, Senior Technical Research Analyst at Bonanza, said the current technical setup suggests a potential for an extended rally upon a breakout above Rs 3,230 level, with strong support placed at Rs 2,770.

Mazagon Dock Shipbuilders is among the leading shipbuilding yards in India. It offers services to the Indian Navy and Coast Guard. As of March 2025, the government held an 84.83 per cent stake in the defence PSU.

Separately, there has been a renewed buying interest in defence counters after Prime Minister Narendra Modi emphasised the need for greater military self-reliance. In his first address to the nation after Operation Sindoor, Modi warned Pakistan that India will not succumb to nuclear blackmail. He described Operation Sindoor as India's new policy against terrorism and an unwavering pledge for justice.