Cochin Shipyard shares deliver 178% return in 2024. Time to book profit in this defence PSU?

However, De added that after such a spectacular rally, the stock may be a bit risky to buy at the current level. Therefore, a small correction looks better for a fresh entry. Existing positions could be held with support at 1,800.

Despite recent uncertainty, this particular stock has demonstrated remarkable resilience, consistently outperforming broader market trends over the past few months. The stock’s are exhibiting strong momentum, particularly in the recent sessions, with notable gains this week alone exceeding 40% for the month of May.

“Upon examining volume patterns, it becomes evident that the price increases are accompanied by substantial , contrasting with lower volumes observed during periods of consolidation or correction,” said Rajesh Dashrath Bhosale, technical analyst at .

Potential new are advised to exercise patience and await some consolidation or correction, given the overbought conditions indicated by momentum indicators, he said.

In terms of support and resistance levels, Rajesh De said that 1,700 - 1,650 are likely to serve as immediate support levels, while the psychological barrier of 2,000 presents itself as the next resistance level to overcome.

Currently priced at Rs 1,894, the stock has gained 677% in the last one year while in the last 6 months, it has jumped 242% on the charts.

In May, the company had also informed the exchanges about a large order win from a European client, for the design and construction of a Hybrid Service Operation Vessel (Hybrid SOV), which is expected to be completed by the end of 2026.

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