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Stop Loss: Rs 1,200
Target: Rs 1,500/Rs 1,600
Cochin Shipyard is showing signs of a bullish reversal from the demand zone, forming a Morning Star candlestick pattern. The price is consolidating near the breakout level with increased trading volume, indicating a potential upward move. A sustained close above Rs 1,350 could confirm further momentum, with short-term targets of Rs 1,500 and Rs 1,600.
Immediate support is at Rs 1,270, presenting a buy-on-dips opportunity. The RSI is currently at 44.40 and trending upward, reflecting strong buying interest and positive sentiment. The breakout pattern, coupled with a rising RSI, signals a shift in momentum favoring the bulls.
COCHINSHIP presents a favorable buying opportunity for momentum traders, with a stop-loss at Rs 1,200.
(Mandar Bhojane, Equity Research Analyst, Choice Broking)
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