Mazagon Dock Shipbuilders Ltd - Breakout Opportunity

Date: 17-May-2024
Rating: Buy - Positional Trade
LTP: Rs. 2,756.65
Targets: Rs. 3,228 ++
SL: Rs. 2,525 on daily close basis

Technical View:
• After touching the high of 2,484.70 on 8-Sep-2023 during it's previous uptrend, MAZDOCK is moving in sideways since Sep-2023 between 2,525 and 1,742 levels as indicated by dark orange lines in above chart.
• On 17-May-2024, MAZDOCK has broke out from its 8 month's long sideways trend with very high volume.
• MAZDOCK is currently trading above 20 DMA, 50 DMA and 21 DEMA.
• RSI is at 72.58 and MACD is at 79.62.
• Both RSI and MACD have given bullish crossover recently and are in support of further upward journey.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. Ideas are published for learning purpose only.

Comment:

24-May-2024
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LTP: Rs. 3,177.05
1st target of 3,228 reached. 15% up from suggested level.
MACD, RSI and Moving averages are still giving bullish indication. Can eye 3,663 as Next Target.

Comment:

29-May-2024
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LTP: Rs. 3,357.35
MazDock 10.55% up today. 22% up from suggested level.