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Biocon, Marico among 5 mid-, small-cap stocks holding fort in a weak market

The overall market trend has been negative with over 60% of the Nifty Mid- and Small-Cap stocks now trading below the long-term moving averages; however, these 5 stocks continue to buck the trend.

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

Rex Cano Mumbai

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Indian stock markets have been displaying a negative trend in recent trading sessions, with the BSE and NSE benchmark indices - the Sensex and the Nifty falling around 2.5 per cent since the start of the calendar year 2025. The sell-off has been more severe in the mid- and small-cap stocks, with the Nifty MidCap 150, the SmallCap 250 and the Nifty Mid-SmallCap indices down up to 9 per cent in the same period.  In the process, the benchmark indices have fallen below the key long-term moving averages, i.e. the 200-day Daily Moving Average on the charts. Similarly, in the MidCap space alone 111 out of the Nifty MidCap 150 stocks were seen quoting below the long-term average; while as many as 168 out of the Nifty SmallCap 250 were trading below their respective 200-DMA.  Against this background, here are 5 stocks from the Mid- and Small-Cap space that have managed to buck the trend so far, and look promising on charts.  Marico  Current Price: 666  Upside Potential: 10.4%  Support: Rs 654; Rs 646  Resistance: Rs 680; Rs 690  Marico stock has been making higher-highs and higher-lows on the daily chart since mid-November, and off late the stock is attempting to consolidate above its 100-DMA. The 100-DMA support stands at Rs 654, below which near support for the stock exists in the form of 20-DMA at Rs 646.  ALSO READ: Nifty SmallCap index can break 22-month up trend; MidCap index may tank 12%  The bias for the stock is likely to remain positive as long as these two supports are protected. On the upside, the stock can attempt a rally towards Rs 735-off levels, with interim resistance seen at Rs 680 and Rs 690. CLICK HERE FOR THE CHART  Fortis Healthcare  Current Price: Rs 665  Upside Potential: 11.3%  Support: Rs 653; Rs 633  Resistance: Rs 697  Fortis Healthcare stock had witnessed a solid 178 per cent rally post the breakout above its 20-WMA (Weekly Moving Average) in May 2023 to its recent high of Rs 743. That apart, the super trend line on the daily scale has consistently acting as an immediate support for the stock in the last one year.  At present, the stock is seen re-testing the super trend line support at Rs 653 levels; below which the next significant support for the stock is seen at Rs 633. In case, these supports fail to hold, the stock could slip towards the 20-WMA at Rs 557.  On the upside, the stock will need to break and trade above Rs 697 to regain its upward momentum. The stock may look to revisit its recent highs around Rs 740 levels on the upside. CLICK HERE FOR THE CHART  Biocon  Current Price: 375  Upside Potential: 6.7%  Support: Rs 359  Resistance: Rs 380  Biocon seems to be favourably placed as the stock is seen trading above the key moving averages across time-frames. Chart suggests the stock could attempt a spurt towards Rs 400-mark in the near-term, with interim resistance seen at Rs 380 levels. In case of a dip, the 20-DMA at Rs 359 is likely to act as a support for the stock. CLICK HERE FOR THE CHART  ALSO READ: Market breadth turns bearish; 63% of Nifty 500 stocks below long-term average  Concord Biotech  Current Price: Rs 2,300  Upside Potential: 13%  Support: Rs 2,180; Rs 2,060  Resistance: Rs 2,430  Concord Biotech stock is seen trading with a positive bias since June 2024, with consistently finding support around its 20-WMA in times of volatility. The 20-WMA now stands at Rs 2,060 levels; with near support for the stock seen at Rs 2,180 in the form of the 20-DMA. On the upside, the stock can attempt to re-test its highs around Rs 2,600 with interim resistance likely around Rs 2,430 levels. CLICK HERE FOR THE CHART  Devyani International  Current Price: Rs 179  Upside Potential: 11.7%  Support: Rs 172; Rs 174  Resistance: Rs 188; Rs 192  Devyani International has declined over 16 per cent from its recent high of Rs 210 in the last seven trading sessions. The stock at present is seen seeking support around the 100-DMA at Rs 178.50; below which near support for the stock exists at Rs 174 and Rs 172 levels.  As long as these support levels are protected the stock can attempt a pullback to Rs 200-mark, with interim resistance possible around Rs 188 and Rs 192 levels. CLICK HERE FOR THE CHART 

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First Published: Jan 14 2025 | 10:59 AM IST

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