Big Movers on D-St: What should investors do with Cochin Shipyard, Triveni Turbine and Rites?

The Indian market plunged over 1 per cent on Monday, tracking muted global cues. The S&P BSE Sensex fell over 600 points, while the Nifty50 closed below 16,900 levels.

Sectorally, buying was seen in telecom, while selling was visible in power, utilities, auto, FMCG, and banks.
Stocks that were in focus included names like Cochin Shipyard, which rallied nearly 10 per cent, Triveni Turbine, which rose more than 9 per cent and Rites, which gained over 3 per cent.

Here's what Jatin Gohil, Technical & Derivative Research Analyst at Reliance Securities, recommends investors should do with these stocks when the market resumes trading today:

Cochin Shipyard: Buy
Continuing its daily rising trend, the stock moved towards its highest level of Jan 2020 (Rs 491.70). The key technical indicators are positively poised on long-term as well as medium-term timeframe charts.

The stock has the potential to move towards its lifetime-high of Rs 599. However, it may oscillate in the narrow range (Rs 500-465) or witness a near-term decline before a fresh up-move, as its short-term indicators stuck around the overbought zone.

In cse of any decline, as per the change in polarity principle, the stock will find support around its medium-term supply zone of Rs435-425 zone. Fresh long positions can be initiated on dips while existing ones can be trailed around its medium-term supply zone.

Triveni Turbine: Buy
The stock extended its gain after surpassing its medium-term supply zone (placed between Rs224 and 232) and recorded a new high of Rs 262. The stock is positively poised above its major moving averages.


The key technical indicators are in favour of the bulls on long-term as well as medium-term timeframe charts. As mentioned earlier, a stable move above that supply zone could lead the stock towards Rs 290 initially and Rs 310 subsequently in the medium-term.

On the lower side, its 20-day EMA (Rs 228) will continue to work as a reversal point for the stock. Fresh long positions can be initiated on dips while existing ones can be trailed with its 20-day EMA for a probable rise.

Rites: Buy
In the last week, the stock gave a breakout from its prior highs (Rs 331 and Rs 317.90), connecting the falling trendline, where volume was above average. Later, the stock extended its gain and recorded a new high of Rs 358.95.

The key technical indicators are in favor of the bulls on the long-term as well as medium-term timeframe charts. This could lead the stock towards Rs 400. We believe the stock may consolidate in the narrow range (Rs 345-325) or may witness a near-term decline before it extends the gain, as its short-term indicators are stuck around the overbought zone.

On the lower side, Rites will find support around its extended breakout line, placed around Rs 310.

Fresh long positions can be initiated on dips while existing ones can be trailed around its breakout line.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)