GRSE Shares Surge 31% In 5 Days: SEBI RA Sees Bullish Pattern, Eyes ₹2,617 Target

After strong earnings and a breakout rally, GRSE is nearing a critical resistance zone. Analyst insights suggest further gains if technical levels hold.

Garden Reach Shipbuilders & Engineers (GRSE) shares are on a roll, rising 31% in the last five days.

SEBI-registered analyst Lalit Mundhra observes that GRSE is currently exhibiting classic technical behaviors on its price chart. 

The stock recently encountered resistance in the ₹2,250–₹2,270 range, which corresponds to a gap zone formed during the August 2023 breakdown. 

This gap has now been fully filled, aligning with the typical technical pattern where prices revisit and fill previous gaps before facing resistance. 

Additionally, GRSE is hovering near a crucial Fibonacci retracement level. The 61.8% retracement of its previous swing sits at ₹2,195 — a key level that must be closed above on a sustained basis to unlock further bullish momentum.

Technically, the formation of a rounded bottom between October 2023 and April 2025 suggests a long period of accumulation. This pattern often signals the potential for a breakout rally once resistance levels are cleared.

If GRSE manages a sustained close above ₹2,200, the technical view projects potential upside targets at ₹2,492 and ₹2,617. 

Conversely, if the stock fails to maintain this level and breaks down intraday, there is a risk that the price could fall to fill the lower gap down to ₹1,924.

The shipbuilding company reported strong March-quarter earnings and achieved record financial results for FY25, including an all-time high revenue of ₹5,075 crore and a profit after tax of ₹527 crore.

GRSE shares have surged 43% year-to-date (YTD).

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