Daily Stock to Watch : 6 Feb 2019:Cochin Shipyard

Cochin Shipyard

Cochin shipyard slipped lower till 356. From this price, chances of developing of demand is higher and has been trading in a range bound zone of 359 and 365.In February, the stock retraced 23.60% of the rally from 355 to 396. After consolidating in a narrow range, the stock is showing signs of reversal on the upside.

The RSI has given positive crossover with stochastic has given positive crossover with its average on the hourly and daily chart. Thus, we recommend traders to take long positions in the stock around 363-364 for the targets of 380-392, with stop loss below 352.

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Market Commentary:

At the close of market hours, the Sensex was up 34.07 points or 0.09% at 36616.81, and the Nifty up 22.10 points or 0.20% at 10934.40.

ZEEL, TITAN, UPL, DRREDDY, HERO MOTO CO was the top gainers among Nifty 50 stocks while COALINDIA, TATASTEEL, TATAMOTORS, YESBANK were the top losers.

New Highlights:

Production of the world’s cheapest car Nano has come to a grinding halt, as Tata Motors has begun the process of bringing down the curtains on the troubled car.

Punjab National Bank (PNB) reported a surprise net profit of Rs 246.5 crore for the December quarter.

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