Cochin Shipyard’s stock has been tracing a horizontal trend for the past couple of weeks. It was largely oscillating between ₹1,230 and ₹1,315. But on Tuesday, the stock broke out of range, opening the door for further rallying. Since the overall trend is bullish, the likelihood of more upside is high. We expect the stock to appreciate to ₹1,440 on Wednesday, making this stock a good intraday buy. But there could be an intraday decline to ₹1,335. So, we suggest buying the stock of Cochin Shipyard at the current level of ₹1,374 and accumulate in case the price dips to ₹1,335. Place the stop-loss at ₹1,310. When the stock crosses over ₹1,410, tighten the stop-loss to ₹1,385. Liquidate the longs at ₹1,435.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)