ACC, 2 pvt banks among 8 midcap stocks turn favourable on tech charts

The Nifty MidCap index has gained 3% from its recent low in the last three days. Amid this these 8 stocks have seen key momentum oscillators turn favourable on the daily chart.

After four weeks of losses, the benchmark equity indices are seen attempting a pull-back this week. The BSE Sensex has gained 1.2 per cent or over 900 points from its recent low of 79,137; while the NSE Nifty 50 index has jumped 1.4 per cent or 330 points from its low of 24,073.

 

Meanwhile, the Nifty MidCap 150 index has gained over 3 per cent from its low of 20,366 hit on October 25. The MidCap index is seen trading with gains for the third straight day.

 

As the benchmarks claw back, several stocks too have bounced back notably from the recent dip. Among these, here are 8 such mid-cap stocks that are now favourably placed on the technical charts backed by a positive divergence on key momentum oscillators.

 

 

Here are the key levels to watch out for on these 8 midcap stocks:

 

ACC

Current Price: Rs 2,366

Upside Potential: 15.2%

Support: Rs 2,325; Rs 2,318; Rs 2,200

Resistance: Rs 2,380; Rs 2,400; Rs 2,450 

 

ACC stock is seen trading with a positive bias for the third straight day. The stock has surged over 8 per cent from its recent low, and is now seen holding above its 20-DMA (Daily Moving Average) which stands at Rs 2,325. At present, the stock is seen trading close to its 50-DMA hurdle at Rs 2,380; above which near resistance stands at Rs 2,400. CLICK HERE FOR THE CHART

 

For the overall bias to turn favourable, ACC will need to break and trade consistently above Rs 2,450 levels. Following which, a rally to Rs 2,725 levels seems likely. In case of a dip, the 20-DMA at Rs 2,318 followed by Rs 2,200 is likely to act as near-term support.

 

Federal Bank

Current Price: Rs 201

Upside Potential: 13.4%

Support: Rs 191; Rs 189

Resistance: Rs 205; Rs 209; Rs 216

 

Even as the key momentum oscillators have turned favourable for Federal Bank, the stock now is seen trading close to its key resistance zone Rs 202 - Rs 205. The stock will need to clear these hurdles for further gains; post which the stock can spurt to Rs 228, with interim resistance likely around Rs 209 and Rs 216 levels. Support on the downside is visible at Rs 191 and Rs 189 levels. CLICK HERE FOR THE CHART

   

Gland Pharma

Current Price: Rs 1,636

Upside Potential: 13%

Support: Rs 1,605

Resistance: Rs 1,670; Rs 1,755

 

Gland Pharma is seen testing support around its 100-WMA (Weekly Moving Average), which stands at Rs 1,605 for the last three weeks. At present, the stock is seen trading close to its 20-DMA hurdle at Rs 1,670. The stock can potentially rally to Rs 1,850 levels, with interim resistance seen at Rs 1,755.  CLICK HERE FOR THE CHART

 

HUDCO

Current Price: Rs 218

Upside Potential: 10%

Support: Rs 212; Rs 195

Resistance: Rs 223

 

HUDCO stock has witnessed a steep 45 per cent fall in the last four months. The stock at present is seen trading below the key moving averages on the daily scale. However, given the oversold condition a pull-back to Rs 240 levels seems possible at the counter. The stock has near resistance at Rs 223. Support on the downside stands at Rs 212 and Rs 195 levels. CLICK HERE FOR THE CHART

 

JK Cement

Current Price: Rs 4,322

Upside Potential: 5.3%

Support: Rs 4,270; Rs 4,170

Resistance: Rs 4,390

 

JK Cement has clawed back its way above the 200-DMA, which now stands at Rs 4,270. The near-term bias is likely to remain cautiously positive as long as the stock holds above Rs 4,170. On the upside, near hurdle for the stock stands at Rs 4,390; above which a spurt to Rs 4,550 levels seems likely. CLICK HERE FOR THE CHART

 

  Max Healthcare

Current Price: Rs 981

Upside Potential: 29.2%

Support: Rs 920

Resistance: Rs 1,020; Rs 1,093; Rs 1,160

 

Apart from the positive crossovers on the key momentum oscillators, the overall trend for Max Healthcare stock also looks formidable. The stock has been making higher-highs and higher lows on the weekly scale since March 2023. 

 

At present, the stock is seen trading close to its near hurdle at Rs 1,020 levels. Break and sustained trade above the same can trigger a rally towards Rs 1,267; with interim resistance likely around Rs 1,093 and Rs 1,160 levels. Key support for the stock stands at Rs 920. CLICK HERE FOR THE CHART

 

PolicyBazaar

Current Price: Rs 1,654

Upside Potential: 34.5%

Support: Rs 1,602; Rs 1,580

Resistance: Rs 1,850; Rs 1,990

 

PolicyBazaar stock has been consistently finding support around its 20-WMA (Weekly Moving Average) for the last six trading weeks. The 20-WMA now stands at Rs 1,602. The daily chart suggests presence of key support at Rs 1,580 - its 100-DMA. As long as these support levels are held, the stock is expected to trade with a favourable bias.

 

The long-term chart shows that the stock can potentially rally to Rs 2,225 on the upside. Interim resistance for the stock can be expected around Rs 1,850 and Rs 1,990 levels. CLICK HERE FOR THE CHART

 

YES Bank

Current Price: Rs 21

Upside Potential: 14.3%

Support: Rs 19.90

Resistance: Rs 22.40; Rs 23.50

 

YES Bank is seen trading close to its near-term hurdle at Rs 21.30. The stock will need to break and trade consistently above the same, for a rally to emerge towards Rs 24. Interim resistance for the stock can be expected around Rs 22.40 and Rs 23.50. Key support for the stock on the downside stands at Rs 19.90; below which the bias can weaken. CLICK HERE FOR THE CHART