Indian benchmark indices managed to post decent gains on Wednesday amid positive global cues from the US over economic data and tariff tensions. Traders are awaiting RBI’s monetary due on Friday. BSE Sensex gained 260.74 points, or 0.32 per cent, to settle at 80,998.25, while NSE’s Nifty50 rose 77.70 points, or 0.32 per cent to end at 24,620.20 for the day.
Select buzzing PSU stocks including Garden Reach Shipbuilders & Engineers Ltd (GRSE), IRCON International Ltd and Mazagon Dock Shipbuilders Ltd are likely to remain under the spotlight of traders for the session today. Here is what Laxmikant Shukla, Senior Technical Analyst at YES Securities has to say about these stocks:
Mazagon Dock Shipbuilders | Caution | Resistance: Rs 3,800 | Support: Rs 3,285
Mazagon Dock Shipbuilders has recently experienced a powerful upward trajectory, aligning with the strong rally across the defense sector, moving from Rs 2,776 to a peak of Rs 3,733. While the bullish trend is unbroken, a period of consolidation or a minor correction shouldn’t be ruled out following this steep rise. The key support level has now shifted to Rs 3,285. Even with recent quiet price action, the stock is projected to uphold its upward momentum in the medium to long run. Investors are advised to remain vigilant; consider taking some profits off the table and employ a trailing stop-loss to secure gains and mitigate risks from any potential downturn.
Garden Reach Shipbuilders & Engineers | Buy | Target Price: Rs 3,675 | Stop Loss: Rs 2,850
Despite recent weakness in the domestic markets, Garden Reach Shipbuilders has shown relative strength with the formation of higher tops and higher bottoms on weekly and monthly charts. The stock has recently broken out of a rounding bottom formation on weekly charts and is now steadily progressing in an uncharted territory. A breakout above its recent peak could trigger fresh upside momentum. The previous resistance zone of 3100–3150 has now turned into a support level, making any pullback toward this range a potential buying opportunity for further gains.
IRCON International | Caution | Resistance: Rs 230 | Support: Rs 203
IRCON International has seen a significant surge, rising from Rs 190 to Rs 223, mirroring the broader rally in rail stocks on fourth June. While the uptrend is still strong, a temporary pullback or consolidation is possible after such a sharp climb. The new key support level is now around Rs 201-203 zone. Despite recent flat price action, the stock is expected to maintain its upward trajectory medium to long term. Investors should be cautious, considering partial profit booking and using a trailing stop-loss to protect gains against potential reversals.
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