Cochin Shipyard’s Rally Gains Steam: SEBI RA Manish Kushwaha Sees Over 50% Upside Post Breakout

Analyst projects targets up to ₹3,500 backed by heavy volume and favorable momentum.

Cochin Shipyard has caught the market’s eye with a remarkable 38% rally in just one week, on the back of strong volumes and renewed investor interest. 

The defense PSU racked up another 10% gain on Friday as investors cheered its steady fourth quarter earnings.

The surge aligns with bullish sentiment across India’s defense and shipbuilding sector, buoyed by government policy support and increasing strategic focus on indigenous naval capability.

From a technical standpoint, the momentum appears far from over. 

SEBI-registered analyst Manish Kushwaha notes a strong technical recovery after a recent correction, with the stock bouncing off the 61.8% Fibonacci retracement level and decisively breaking out above a key downtrend resistance line. 

The emergence of a bullish weekly candle further supports the view of a potential trend reversal, with current prices hovering near the 38.2% retracement zone. 

He believes that a sustained close above this level may trigger the next leg of upside, possibly retesting the ₹2,900 mark.

Kushwaha also highlights a surge in trading volumes, indicating accumulation by market participants, while the Relative Strength Index (RSI) at 62.16 reflects continued bullish momentum without entering overbought territory. 

The medium-term outlook remains optimistic, with a recommended buy range of ₹1,820–₹1,825, targets at ₹2,480, ₹2,900, and ₹3,500, and a stop-loss at ₹1,490.

The stock’s recent price action — breaking past resistance near ₹1,800 — reinforces this view. 

If Cochin Shipyard manages a sustained weekly close above this range, supported by volumes, it could confirm a strong base for a renewed rally.

For investors eyeing defense sector plays, this stock stands out not just for its strategic relevance but also for its compelling chart structure and market positioning.

Data on Stocktwits shows that retail sentiment is ‘extremely bullish’ on this counter. 

Cochin Shipyard shares have gained 30% year-to-date (YTD).

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