As we discussed previously, below 2050, Cochin Shipyard Stock may fall to 1900,1800, respectively. Now we will discuss what may be the possible momentum in Cochin Shipyard Stock.
The stock is currently trading around 1865 as of 18 July 2 PM. The previous rectangle pattern breakout zone was around 1750 to 1800. As per the daily chart, the stock looks like going to hit its ultimate support zone, which was previously the resistance zone of 1750 to 1800.
If we look at Nifty, it’s also falling and below 25000 as of now. We feel that more possible downfall may be seen in Cochin Shipyard stock, and the stock may come to hit 1800 or below, and from here, with time, it may take a reversal. The stock has moved aggressively up a few months ago, and now it’s in a continuous decline, which seems like profit booking.
There is a scope for buy on dip as the price gets discounted daily, but it will only be for long-term buyers.
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Also Read:- GRSE Stock Analysis for July 14 Onwards