Comparing IRCTC and Cochin Shipyard, which PSU stock has more potential for growth? Sumed Bagadia’s Responses

Due to increases in international markets, local benchmark indexes recorded gains on Tuesday for the third day in a row. The India VIX decreased by 19.72% and ended at 10.20, indicating little volatility in the market. The Nifty finished the day higher than it had begun, at 22,368. The Nifty Bank index opened sharply higher and hit a level of 48,300, which prompted significant profit-taking.

As a result, the index saw a little increase, closing the day at 47,970. Axis Bank, HUL, Dalmia Bharat, and Indian hotels were the main Q4 results that were revealed on Wednesday. Investors will be scrutinizing US manufacturing and services data today in addition to the new home sales number, as these reports might impact market sentiment.

nifty forecast
“The Nifty remained sideways throughout the session as it failed to provide any directional breakout,” said Rupak De, Senior Technical Analyst at LKP Securities. Since the index closed above the key moving average, the overall trend is still favorable. With a score below 60, the Relative Strength Index (RSI) is exhibiting a bullish crossing. On the upper end, the 22350–22400 area is probably going to function as a resistance zone; a clear break over 22400 might set off a market surge. Support is located around 22250 on the bottom end; a break below this mark might reduce the bullish attitude.”

Bank Nifty Prospects
“The Bank Nifty index experienced a sideways trading session following a positive opening, with bears asserting dominance at higher levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. In spite of this, the general outlook is still positive, indicating that declines should be seen as chances to purchase. There is strong support in the 47800–47700 range. The immediate obstacle, however, is between 48200 and 48500. The index may reach new all-time high levels if it breaks past this barrier.”

Stocks to Purchase Right Now
The executive director of Choice Broking, Sumeet Bagadia, advised purchasing two PSU stocks today. Which stock offers more room for growth? Let’s contrast.

IRCTC
Cash purchase of IRCTC at Rs. 1016.30; stop-loss at Rs. 974; goal at Rs. 1097

At present, IRCTC is trading at Rs 1016.30, exhibiting indications of a possible breakthrough on the daily chart from a retest of a rounding pattern near the breakout level. Strong upward momentum in the stock is indicated by this breakout, which is backed by a bullish candlestick pattern and substantial trading volume.

Additionally, the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) are among the important EMAs that IRCTC is positioned above. The bullish view is strengthened by this alignment above key moving averages (EMAs), which points to the possibility of further higher price action.

There is a rise in purchasing momentum indicated by the Relative Strength Index (RSI), which is now heading higher at 58.9. The positive crossing of the Stochastic Relative Strength Index (Stoch RSI) from the oversold area has also been seen, which supports the bullish outlook. These technical indicators’ convergence suggests that IRCTC could be able to hit its short-term goal price of Rs 1097.

It is advised to think about purchasing on dips for a smart entrance, especially around Rs 990. It is advised to use a stop-loss (SL) around Rs 974 in order to control risk properly. This is a critical preventive action to protect assets in the event of an unanticipated market downturn.

In summary, IRCTC offers a compelling purchasing opportunity for those aiming for a price goal of Rs 1097, based on the technical analysis and the state of the market. To guarantee a well-protected investment plan, it is crucial to put cautious risk management measures in place.

Cochin Shipbuilding
Purchase COCHINSHIP cash at Rs. 1251.95, set a stop loss at Rs. 1212, and aim for Rs. 1333.

With COCHINSHIP trading at an all-time high of 1280 levels, there is a strong positive momentum present. The recent breakthrough over the crucial resistance at 1150 levels, which is a significant technical event that emphasizes the strength of the stock, has been supported by substantial trading volumes. Given that the finding suggests that the rising trend may continue, investors should feel optimistic.

In addition, COCHINSHIP is trading above several moving averages, including the short-term (20-day), medium-term (50-day), and long-term (200-day) EMAs, lending more credence to its positive outlook. The momentum indicator known as the Relative Strength Index (RSI) is now at 75.04 points.

Traders should keep an eye on the strong support level around 1212 levels, as a breach of this level might signal a shift in the sentiment of the market. Overall, COCHINSHIP’s current technical setup points to a favorable environment for further upward development, provided that traders and investors closely monitor key support and resistance levels and be aware of any potential reversals.

Based on the aforementioned analysis, we recommend buying COCHINSHIP at the CMP of 1251.95 and a stop loss of 1212 in order to attain the objective of 1333.