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5 smallcap stocks to buy with up to 25% upside potential; check full list
As benchmark equity indices - the BSE Sensex and the NSE Nifty trade at calendar year highs, the SmallCap index is seen playing catch-up given the steeper fall compared to the benchmark indices. The Nifty SmallCap 250 index has rallied over 20 per cent from its low of 13,315 hit on April 7, but still trades below its 100-Daily Moving Average (100-DMA) and the 200-DMA, which stand at 16,042 and 16,915 levels. In comparison, the Nifty has conquered its key moving averages, and trades comfortably above the 200-DMA, which stands at 24,051 levels. ALSO READ: Can mid-, small-cap indices cross 200-DMA in near-term; what charts say? Amid the market recovery, select smallcap stocks have delivered strong gains up to 35 per cent in the same period. A total of 32 stocks out of the Nifty SmallCap 250 index have surged more than 20 per cent thus far, including the likes of Kaynes Technology, Sterling and Wilson Renewable Energy, Alok Industries, KFin Technologies, Five-Star Business, NBCC, Devyani International, Just Dial, Aarti Industries, RCF, Krishna Institute of Medical Sciences and Inox Wind. Meanwhile, data from ACE Equity shows that only 3 out of the Nifty SmallCap 250 stocks are seen trading below their April 7 close as of April 22. These three stocks are - Ramkrishna Forgings, Welspun Corp and Anand Rathi Wealth. Going ahead, here are 5 potential winners from the Nifty Smallcap space based on the existing technical chart patterns. Balrampur Chini Current Price: ₹576 Upside Potential: 19.8% Support: ₹550; ₹535; ₹515 Resistance: ₹600; ₹625; ₹664 Balrampur Chini stock is seen attempting a fresh breakout on the weekly chart after mid-November. The stock needs to close above ₹569 on Friday to confirm the breakout. For now, key momentum oscillators on the daily and weekly chart seem to be favourably placed; hence the near-term bias is likely to remain positive. CLICK HERE FOR THE CHART On the upside, the stock can potentially rally to re-test its record high levels around ₹690 levels. Interim resistance for the stock exists at ₹600, ₹625 and ₹664 levels. The overall bias at the counter is likely to remain favourable as long as the stock holds above ₹515. Near support for the stock is seen at ₹550 and ₹535 levels. 360 One Wam Current Price: ₹1,043 Upside Potential: 24.6% Support: ₹960 Resistance: ₹1,120; ₹1,163; ₹1,220 360 One Wam has rallied by 34 per cent form its April low of ₹790 in just three weeks. The stock is now seen testing its key hurdle - the 200-DMA, which also coincides with the 100-DMA at ₹1,050 levels. Given the fact that the key momentum oscillators have turned favourable on the medium-to-long term charts, the stock may succeed in conquering its short-term resistance. CLICK HERE FOR THE CHART As such, the stock may extend its rally towards ₹1,300 levels; with interim resistance seen at ₹1,120, ₹1,163 and ₹1,220 levels. The bias at the counter is expected to remain favourable as long as the stock holds above ₹960 levels. Godawari Power and Ispat (GPIL) Current Price: ₹200 Upside Potential: 17.5% Support: ₹195; ₹190 Resistance: ₹209; ₹220 GPIL is seen trading above its 200-DMA for the second straight trading session. The stock is attempting to conquer this key hurdle for the second time this month. Chart suggests that the near-term bias is likely to remain supportive as long as the stock holds above ₹190 levels, with near support seen at ₹195. On the upside, the stock can potentially spurt to ₹235 levels, with interim resistance likely around ₹209 and ₹220 levels. CLICK HERE FOR THE CHART Elgi Equipments Current Price: ₹468 Upside Potential: 24% Support: ₹437; ₹424 Resistance: ₹479; ₹506; ₹525; ₹558 Elgi Equipments stock is expected to gain in the near-term as key momentum oscillators on the daily and weekly scales have witnessed a positive crossover. Chart shows that the near-term bias is likely to remain positive as long as the stock trades above ₹424, with near support seen at ₹437 levels. CLICK HERE FOR THE CHART On the upside, the stock needs to break and sustain above ₹479 to gain momentum. Post which, the stock can potentially surge towards ₹580 levels. Intermediate resistance for the stock can be anticipated around ₹506, ₹525 and ₹558 levels. Alok Industries Current Price: ₹18.63 Upside Potential: 20.2% Support: ₹18.61; ₹17.26; ₹16.10; ₹15.78 Resistance: ₹20.34; ₹21.41; ₹21.84 Alok Industries stock is seen trading above its 100-DMA for the second straight day for the first time since October 10, 2024. The stock witnessed a sharp 18 per cent rally on Tuesday backed by hefty volumes. Even as the stock trades in red on Wednesday, technical chart suggests that the near-term bias for the stock is likely to remain positive as long as the stock holds above ₹17.26. Below which, key support for the stock stands at ₹16.10 and ₹15.78 levels. Near support for the stock is at ₹18.61, which is where the 100-DMA stands. On the upside, Alok Industries can potentially zoom to ₹22.39 levels. Interim resistance for the stock is seen at ₹20.34, ₹21.41 and ₹21.84 levels. CLICK HERE FOR THE CHART
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