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Alkem Lab, Navin Fluorine: Five mid-cap stocks that are likely to gain 10%

The S&P BSE Midcap index has continued to underperform frontline indices so far in the financial year 2019-20 (FY20); however, it has fared better than the S&P BSE SmallCap index. 

Here's a look at five midcap stocks that are set to rise 10 per cent from the current levels - 

Alkem Laboratories (ALKEM): The breakout of "Triple Bottom" pattern on the weekly chart has reversed the downward trend for the medium term. The daily chart also shows an upside towards Rs 2,300. However, it also indicates selling pressure which seems to arise in the range of Rs 2,300 to Rs 2,400. As the counter is well placed above the Golden Cross of 200-day moving average (DMA) with 50 DMA, the upside may witness profit-booking. The Relative Strength Index (RSI) has an “Inverse Head and Shoulder” formation, which further strengthens the upside bias. CLICK HERE FOR THE CHART

 

Brigade Enterprises Ltd (BRIGADE): The counter has seen a sharp surge from May 2019 as it has appreciated 30 per cent since then. The current levels are strongly positioned above 100-DMA, currently placed at Rs 196. Moving Average Convergence Divergence (MACD) is trading above signal line indicating any correction will witness buying opportunities. That said, a significant selling pressure can be viewed above Rs 220. Once the counter manages to conquer this level with strong volumes on closing basis, the rally may lead to Rs 245 and Rs 260.  CLICK HERE FOR THE CHART

 

Cochin Shipyard Ltd (COCHINSHIP): After rising above its 200-DMA, the counter is now consolidating for a bigger breakout. Any move above Rs 420 may take this counter to Rs 442 and Rs 448, which are its resistance levels. There is also a “Golden Cross” formation which suggests minimum downside. The weekly chart provides a larger picture of “Double Bottom” - a positive signal for short term. CLICK HERE FOR THE CHART

Navin Fluorine International Ltd (NAVINFLUOR): The counter has managed to overcome selling pressure above Rs 900. Not only it trades above the level but has attracted volumes on every mild upside. The RSI is trading in the overbought region; however, MACD trades successfully with a positive crossover above the signal line. The trend line support stays at Rs 890 levels. The overall trend indicates a rally towards Rs 940 and Rs 965. CLICK HERE FOR THE CHART
 

Nesco Limited (NESCO): The counter is shy of nearly 2 per cent from the lifetime high of Rs 647. As it moved above Rs 600, which was the resistance level, Nesco has managed to rise towards the higher level. The stock that hits a new lifetime high attracts more volumes resulting in higher price levels, as per technical analysis theory. CLICK HERE FOR THE CHART



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