Bucking the benchmark index Nifty, the Nifty Midcap 100 index was trading over 1 per cent higher in the intra-day deals on Tuesday. Here's a look at the five key stocks that are likely to soar up to 10 percent in the coming days, as per the technical chart.
Nifty Midcap 100:
The index is strongly honouring the support of 200-weekly moving average (WMA) located at 16,200 level. On Friday, the index gained 419 points or 2.53 per cent, to close at 16,942. The overall trend on daily chart indicates a revival in upside with index heading towards 100-day moving average (DMA) at 17,008 levels. The support comes in at 16,200 and a strong move above 17,000 may lead to 17,800, its next resistance, as per the chart.
Mahanagar Gas (MGL):
The stock has broken out from a consolidation range of Rs 890 – Rs 856, as per the daily chart. It is witnessing buying above Rs 900 level as moving average convergence divergence (MACD) has crossed zero line with a positive crossover. The immediate resistance comes in at Rs 960 level, which seems possible as volumes are rising above an average of consolidation. Stability above the same will eventually lead towards Rs 1,030 level. The support comes in at Rs 850, its 100-day moving average (DMA), chart suggests. CLICK HERE TO VIEW FULL CHART
Bombay Burmah Trading Corporation (BBTC):
Recently, the stock traded in the range of Rs 1,230 – Rs 1,160, witnessing strong buying. It scaled towards Rs 1,266 and faced resistance at 100-day moving average (DMA) located at Rs 1,275 level. The daily chart shows the same scenario at current levels of Rs 1,220. It needs to hold current levels as MACD is in process of crossing zero line. The Stochastic, which is in the oversold territory, will turn upward till current levels are held. The breach of Rs 1,240 will indicate a rally towards Rs 1,275 and eventually towards Rs 1,350 level. The support comes in at Rs 1,160, as per the chart. CLICK HERE TO VIEW FULL CHART
Central Bank of India (CENTRALBK):
The stock is holding the gap-up opening, touched on February 20, trying to cross 100-DMA, located at Rs 32.10 level. The weekly chart indicates Stochastic is making positive crossover below its oversold territory. It is heading towards immediate resistance of Rs 32.90, which further leads to Rs 35, as per the chart. The immediate support comes at Rs 29 and thereafter at Rs 28 level. CLICK HERE TO VIEW FULL CHART
Crompton Greaves Consumer Electricals (CROMPTON):
The immediate resistance of 100-DMA located at Rs 214.30 is holding the stock from rising. It's in an upward move after crossing trend line resistance of Rs 209 level as per the daily chart. It has a strong support of Rs 203 heading towards Rs 223 level, which is 200-DMA. The MACD has made a positive crossover on daily chart, suggesting downside will be limited. CLICK HERE TO VIEW FULL CHART
Max Financial Services (MFSL):
The daily chart indicates the formation of a symmetrical triangle with a breakout above Rs 400 level. The lower rising trend line is the support for the rising trend. Current levels have reversed testing the same trend line as per the daily chart. The strong support comes in at Rs 385 with immediate buying level around Rs 391. The breakout trend shows it is heading towards Rs 418 and further towards Rs 437, its 50 and 200-DMA, respectively. CLICK HERE TO VIEW FULL CHART