ACC, BSE: This tech indicator shows more gains for 5 Nifty MidCap stocks

The MACD - a key momentum oscillator has turned favourable for these 5 Nifty MidCap stocks, with charts indicating a likely upside of up to 15% ahead.

The NSE MidCap 150 index has rallied over 5 per cent so far this June, amid optimism over continued fiscal consolidation and reforms in the country following the re-election of the Modi-government.

Meanwhile, the NSE benchmark index has gained 3.5 per cent in the same period. Both the Nifty and the Nifty MidCap indices are quoting at record high levels at present.

Meanwhile, more than 100 stocks on the NSE across market capitalisation are also trading at record high levels. 

Given the underlying bullish bias, here are five Nifty MidCap stocks that can potentially rally up to 15 per cent in the near-term as a key momentum oscillator - the MACD (Moving Average Convergence-Divergence) in particular - has turned favourable on the daily charts following a crossover above the signal line.

Technically, the MACD line crossing the signal line is considered as a bullish indicator. This indicator not only confirms that the short-term moving average is above the long-term moving average, but also hints of a likely increased upward momentum. Hence, the stock or the underlying index with positive MACD crossover is expected to trade with a positive bias in the near-term.

ACC

Last close: Rs 2,624

Potential upside: 10.5%

Support: Rs 2,550; Rs 2,510

Resistance: Rs 2,740

Apart from the MACD, other key momentum oscillators on the ACC daily chart such as - the 14-day RSI (Relative Strength Index) and the Slow Stochastic have also witnessed a positive crossover in recent trading sessions. The price-to-moving averages action on the ACC stock chart also suggests a positive bias. Hence, the stock is expected to head north in the near-term.

The chart suggests likely strong support for ACC stock around Rs 2,510 levels, with near support seen at Rs 2,550. On the upside, the stock is likely to test Rs 2,740 levels soon. Sustained trade above the same can trigger a rally towards Rs 2,900 levels. CLICK HERE FOR THE CHART

Astral

Last close: Rs 2,226

Potential upside: 12.3%

Support: Rs 2,150; Rs 2,090; Rs 2,050

Resistance: Rs 2,250; Rs 2,280; Rs 2,350

Astral stock was seen testing resistance around its super trend line on the daily chart, backed by positive crossover on the key momentum oscillators. The bias for the stock is likely to remain positive as long as the stock holds above Rs 2,050 levels. Interim support for the stock is seen at Rs 2,150 and Rs 2,090. CLICK HERE FOR THE CHART

On the upside, the Astral stock has near resistance at Rs 2,250 followed by Rs 2,280 and Rs 2,350. Breakout above the last hurdle level can trigger a sharp rally at the counter, with Rs 2,500 in sight. 

BSE

Last close: Rs 2,703

Potential upside: 13.5%

Support: Rs 2,680; Rs 2,530

Resistance: Rs 2,780; Rs 2,800; Rs 2,860

The BSE stock has been consolidating in a tight range of Rs 2,550 - Rs 2,800 since late April. Given the positive crossover in key momentum oscillators the stock may attempt to breakout from this range on the upside.

Near resistance for the stock is seen around Rs 2,780 - Rs 2,800 levels followed by Rs 2,860. Above which, the stock can potentially rally up to Rs 3,100 levels. On the downside, the stock may seek support around Rs 2,680 and Rs 2,530 levels. CLICK HERE FOR THE CHART

IDBI Bank

Last close: Rs 87.30

Potential upside: 14.5%

Support: Rs 86.50; Rs 85.50; Rs 81

Resistance: Rs 93

IDBI Bank stock has been sustaining above its key moving averages for the last four days. The 20-, 50- and 100-DMAs indicate presence of multiple supports for the stock around Rs 86.50 - Rs 85.50. Further, support for the stock can be expected around Rs 81. CLICK HERE FOR THE CHART

On the upside, the stock can spurt to Rs 93 levels. Break and sustained trade above the same, can lead to further gains up to 100-mark.

Motilal Oswal Financial Services

Last close: Rs 670

Potential upside: 15%

Support: Rs 639; Rs 607

Resistance: Rs 680

The daily chart of Motilal Oswal Financial Services stock suggests that the stock is likely to trade with a positive bias as long as it sustains above Rs 639. Below which, the next key support stands at Rs 607. CLICK HERE FOR THE CHART

On the upside, the stock needs to trade consistently above Rs 680 hurdle, to extend its up move. The stock is trading in uncharted territory and may look to target Rs 770 levels on the upside.