Momentum Pick: This multibagger sees ‘buy’ crossover, seems unstoppable before hitting lifetime high

Mazagon Dock Shipbuilders, a state-run defense PSU, has seen its stock rally over the past six trading sessions and is likely to surpass its all-time high of Rs 936. The multibagger stock has delivered returns of over 180% in the last 12 months, outperforming the Nifty50 by more than 170% during the period. Technical analyst Nilesh Jain of Centrum Broking has recommended a ‘buy’ on the stock with a target price of Rs 930 and a stop loss at Rs 740, based on positive chart structure and higher tops and higher bottoms formation. The stock is trading below the industry median PB value and reported Q4FY23 revenue of Rs 2,078.60 crore, up 49% YoY.