Mazagon Dock Shipbuilders Ltd. - Breakout Opportunity
Date: 5-Dec-2024
LTP: Rs. 4,880.70
Targets: (T1) Rs. 5,545 --> (T2) Rs. 5,860 --> (T3) Rs. 7,100
SL: Rs. 4,245
Technical View:
•
MAZDOCK is in primary uptrend and was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 5,860 on 5-Jul-2024, it has retraced 34% to 3,851.20 level.
•MAZDOCK has breakout from it's secondary downtrend with higher than average volume on 4-Dec-2024. This breakout is also supported by increased volume in last few sessions.
•MAZDOCK have formed double bottom pattern between 3,851.20 and 4,925 levels. Breaking 4,925 level will also give breakout from double bottom pattern.
• Company has fixed 27-Dec-2024 as record date for 2/1 stock split. Target levels can be revised post stock split.
•MAZDOCK is trading above 20 DEMA and 50 DEMA since last few sessions. 20 DEMA has crossed over 50 DEMA on 2-Dec-2024.
• RSI is in buy zone and trading at 71.93. MACD is bullish and trading at 135.74.
• Both RSI and MACD are showing positive divergence.
• Looking good to start a new swing from here.
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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. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 4,880.70
Targets: (T1) Rs. 5,545 --> (T2) Rs. 5,860 --> (T3) Rs. 7,100
SL: Rs. 4,245
Technical View:
•
MAZDOCK is in primary uptrend and was recently going through it's secondary downtrend within primary uptrend.• After touching the high of 5,860 on 5-Jul-2024, it has retraced 34% to 3,851.20 level.
•
MAZDOCK has breakout from it's secondary downtrend with higher than average volume on 4-Dec-2024. This breakout is also supported by increased volume in last few sessions.•
MAZDOCK have formed double bottom pattern between 3,851.20 and 4,925 levels. Breaking 4,925 level will also give breakout from double bottom pattern.• Company has fixed 27-Dec-2024 as record date for 2/1 stock split. Target levels can be revised post stock split.
•
MAZDOCK is trading above 20 DEMA and 50 DEMA since last few sessions. 20 DEMA has crossed over 50 DEMA on 2-Dec-2024.• RSI is in buy zone and trading at 71.93. MACD is bullish and trading at 135.74.
• Both RSI and MACD are showing positive divergence.
• Looking good to start a new swing from here.
Liked the analysis? Boost/Like this idea and follow my ID.
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. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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