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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
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Current Price: Rs 255
Upside Potential: 10.9%
Support: Rs 251; Rs 242
Resistance: Rs 262
NCC share price has rebounded after taking support around its 50-DMA (Daily Moving Average) on the daily scale. The stock has rallied over 9 per cent from its recent low at Rs 236.40. The 50-DMA now stands at Rs 242. CLICK HERE FOR THE CHART
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
Aegis Logistics stock has zoomed 11 per cent in trades on Wednesday. In the process, the stock has given a fresh breakout on the daily charts. As such, the short-term bias is likely to remain bullish as long as the stock trades above Rs 570. Key momentum oscillators are all in favour of the bulls, hence the stock may see further flare up. On the upside, the stock may target Rs 620 - Rs 630 range. CLICK HERE FOR THE CHART
GNFC
Current Price: Rs 707
Upside Potential: 7.5%
Support: Rs 697; Rs 678
Resistance: Rs 730
GNFC stock has reclaimed its 100-DMA after a gap of six trading sessions. Key technical momentum oscillators are positive for the stock on the daily scale. The stock is expected to trade with a positive bias as long as it sustains above Rs 697, below which the next key support will be the 20-DMA at Rs 678. CLICK HERE FOR THE CHART
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.
As such, the stock is expected to attempt an up move towards the higher-end of the anticipated trading band at Rs 230-odd levels. In the interim, Castrol stock may face some resistance around Rs 218. On the downside, support is likely around Rs 206 and Rs 201.50. CLICK HERE FOR THE CHART
Manappuram Finance
Current Price: Rs 192
Upside Potential: 7%
Support: Rs 187
Resistance: Rs 197
Manappuram Finance stock has shown the tendency to pullback from the lows of the day in recent trading sessions. In the process, the stock is seen finding support around its 20-DMA, which stands at Rs 187. Key momentum oscillators are on the verge of turning positive for the stock. On the upside, the stock can bounce to Rs 205, with interim resistance seen at Rs 197. CLICK HERE FOR THE CHART
