Pipavav Shipyard can touch Rs 70: Gujral

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Pipavav Shipyard can touch Rs 70: Gujral

Pipavav Shipyard can touch Rs 70, says Technical Analyst, Ashwani Gujral.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ashwani Gujral See what other Experts & Brokerages are saying about Pipavav Defence See messages about Pipavav Defence Pipavav Defence BSE | NSE 30/05/12 Are Mutual Funds betting on Pipavav Defence?

Pipavav Shipyard can touch Rs 70, says Technical Analyst, Ashwani Gujral .

Gujral told CNBC-TV18, "Pipavav Shipyard is now breaking out of that range where it traded in after its listing. So once we can stay above that Rs 58-60 kind of zone, you would now see fresh highs coming into Pipavav, levels of Rs 70 are possible, Rs 54-55 is now kind of a stop loss."

He further added, "All of these new listings move sideways for a bit and then if they are strong and if fundamentals etc are justified, it tends to move back up. Jubilant Foodworks moved sideways after a good listing and now it starting to make fresh highs, which means basically the supply has been sort of absorbed and now it is sort of getting towards fresh highs."

" Shipping Corporation also looks good. We could see levels of Rs 180-185 coming back. For Mercator Lines again Rs 70-75, given that commodities are moving so well, it is but natural that shipping stocks would do well."

Pipavav Shipyard touched an intra day high of Rs 62.40 and an intra day low of Rs 59.40. At 10:19 hrs the share was quoting at Rs 61.20, down Rs 0.15, or 0.24%. Its Market Cap stands at Rs 4,074.69 crore.