Shares of multibagger Mazagon Dock Shipbuilders zoomed to their fresh record high amid a rally in the broader market on Friday. Mazagon Dock Shipbuilders stock surged 14.57% intraday to Rs 2794.40 against the previous close of Rs 2439 on BSE. Total 3.61 lakh shares of the firm changed hands amounting to a turnover of Rs 95.58 crore. Market cap of Mazagon Dock rose to Rs 55,808 crore on BSE.
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Last Close – Rs. 1315
Justification – This gold financing giant has been one of the rank outperformers over the past few years. It is very rare to see any kind of significant correction in the counter and even if it happens, investors just pounce on it to add to their portfolios. After a smart V-shaped recovery from March fiasco, the stock prices went into a consolidation mode, and the range was very much confined. With last week’s smart rally, the daily chart now exhibits a ‘Range Breakout’ and since the move is accompanied by decent volumes, we expect the rally to extend in coming days. Traders are advised to buy on a decline towards 1,290 – 1,270 for a target of Rs1,445 in coming weeks. The stop loss can be placed at Rs.1,210.