The mid-and small-cap indices are outperforming the benchmarks in trade today. The S&P BSE Midcap index was trading 136 points or 0.9 per cent higher at 15,109, while the S&P BSE Small-cap was trading above 14,500 levels, up 118 points or 0.8 per cent. In comparison, the S&P BSE Sensex is 0.4% higher at 35,925 levels in intra-day trade.
Here are three stocks that can rally up to 10 per cent from the current levels as per their technical chart pattern.
S&P BSE MID - CAP INDEX: The index has rallied 1,000 points in three trading sessions, a jump of 6.50 per cent. It had breached its support of 17,200 and dipped to 16,435 levels. At current levels, the index is yet again testing its pressure range around 17,650 – 17,700 levels.
S&P BSE SMALL - CAP INDEX: The index formed double bottom on the daily charts with neckline around 6350. It faced selling pressure above 6,300 leading to breakdown towards 5,900. The index has crossed now 50- days moving average (DMA) and heading towards its resistance range of 6,350 – 6,700 levels.
INDIGO: The stock has formed "Inverse Head & Shoulder" with a neckline around Rs 1,080 - Rs 1,100 as per daily chart patterns. The current level of Rs 1,050 with an intraday high Rs 1,080 indicates possible breakout in coming days. The technical formation on breakout can head towards Rs 1,300 to Rs 1,500 charts indicate. The 100 DMA and 50 DMA have been supportive of an upward trend. The possible crossover of said averages may further provide support to the stock.
UJJIVAN: The stock at the current levels (Rs 247) looks to have broken out of its consolidation range of Rs 200 - Rs 240 with good volumes. However, it needs follow-up buying for a further rally. MACD (moving average convergence & divergence) about to cross its zero line in a daily chart. The relative strength index (RSI) is making positive crossover on breakout level. The stock can head towards Rs 280 – Rs 290 in the coming sessions.
RAYMOND: The stock has scaled past its 200-days moving average (DMA) in an intra-day trade today. The stock has seen a gap-up opening (trading 5 per cent higher) with volumes higher than the 22-days average. It may see minor pressure around the Rs 874 mark, which also is its 200-DMA. The range of Rs 769 -Rs 766 has seen buying come in, which indicates a support level for the counter (as per 100 DMA).The weekly frame indicates closing basis formation of "Inverse Head & Shoulder as per chart. It can scale up to Rs 940, charts suggest.