Equity markets in India have recovered smartly from the recent stock market correction in the backdrop of Israel-Iran conflict, as the tensions between the two Middle East nations seemed to have eased in recent days.
The S&P BSE Sensex has surged 3.1 per cent or 2,244 points from its low of 71,816 touched last week. Its counterpart, the NSE Nifty 50 index has rallied 670 points from its low. Both the indices are around 1.5 per cent shy from their respective all-time highs.
Meanwhile, the Nifty SmallCap 250 index hit a fresh all-time high at 15,629 in trades on Wednesday. The smallcap index has soared 5.7 per cent from its low of 14,792 in the last six trading sessions.
Given this backdrop, here are five smallcap stocks that are expected to trade with a positive bias in the near-term and can potentially see appreciation of up to 11 per cent from present levels.
NCC
Current Price: Rs 255
Upside Potential: 10.9%
Support: Rs 251; Rs 242
Resistance: Rs 262
The stock has now also clawed its way back above the 20-DMA, which stands at Rs 251. In the near-term, the stock can attempt a rally towards Rs 275 – which is the higher-end of the anticipated trading band on the daily chart. In case of aggressive buying the rally can be extended to Rs 285-odd levels. Interim resistance can be expected around RS 262.
Aegis Logistics (AEGISCHEM)
Current Price: Rs 593
Upside Potential: 6.5%
Support: Rs 570
Resistance: Rs
GNFC
Current Price: Rs 707
Upside Potential: 7.5%
Support: Rs 697; Rs 678
Resistance: Rs 730
On the upside, the stock can attempt a rally to Rs 760 levels, with interim resistance likely around Rs 730.
Castrol India
Current Price: Rs 214
Upside Potential: 7.5%
Support: Rs 206; Rs 201.50
Resistance: Rs 218
The stock price of Castrol India has consolidated smartly above its 20-DMA in recent trading sessions. Technical momentum oscillators such as the Slow Stochastic and MACD are on the verge of turning favourable on the daily chart, while the DI (Directional Index) has already turned positive.
Manappuram Finance
Current Price: Rs 192
Upside Potential: 7%
Support: Rs 187
Resistance: Rs 197
First Published: Apr 24 2024 | 11:00 AM IST