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Mazagon Dock Shipbuilder’s stock price has sharply risen since April. It found support at around ₹620 and embarked on an uptrend. The bull trend is still valid, and the stock has broken out of resistance on Thursday, opening the door for further rallies, especially on Friday.
Therefore, Mazagon Dock’s stock can be considered for intraday buying on Friday. It has the potential to hit ₹1,900. So, we recommend buying this share at the current level of about ₹1,820 and accumulating more shares if there is an intraday dip in price to ₹1,780. Initial stop-loss can be placed at ₹1,750. When the stock hits ₹1,870, tighten the stop-loss to ₹1,840. Book profits at ₹1,900.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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