October 17, 2024

Bikaji, Raymond, SPARC among 5 smallcap stocks that can gain up to 18%

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Bikaji, Raymond, SPARC among 5 smallcap stocks that can gain up to 18%

Source: Business Standard

3 min read Last Updated : Oct 14 2024 | 12:02 PM IST


The National Stock Exchange (NSE) Nifty 50 index has been consolidating around the 25,000-mark for the last few days. After a 6 per cent fall from its peak of 26,266, the Nifty 50 has recovered near about 1.5 per cent from its recent low at present levels. 


Meanwhile, the NSE SmallCap 250 index, which had plunged 7 per cent from its all-time high of 18,657, has recovered nearly 5 per cent from its recent low. This shows that the Nifty SmallCap index has outperformed the benchmark Nifty 50 in terms of market recovery.

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Against this backdrop, here are 5 smallcap stocks which have given a breakout on the hourly time-frame. These 5 stocks have broken above the super trend line on the daily intra-day charts. Technically, stocks trading above the super trend on the hourly-scale tend to trade with a positive bias in the short-term.


Raymond, Sun Pharma Advanced Research Company (SPARC), Bikaji Foods, Sonata Software and PNB Housing Finance are the 5 smallcap stocks. Here are the key levels to watch out for and likely near-term targets for these stocks.


Raymond


Current Price: Rs 1,690


Upside Potential: 10.7%


Support: Rs 1,630


Resistance: Rs 1,743; Rs 1,813

Raymond stock is likely to trade with a positive bias as long as the stock holds above Rs 1,630 levels, suggests the intra-day technical chart. On the upside, the stock can bounce back to Rs 1,870 levels, with interim resistance seen at Rs 1,743 and Rs 1,813 levels. CLICK HERE FOR THE CHART


Bikaji Foods


Current Price: Rs 859


Upside Potential: 13%


Support: Rs 852; Rs 840


Resistance: Rs 910

Bikaji Foods is expected to trade with a positive bias as long as the stock holds above Rs 840, with near support expected around Rs 852. On the upside, the stock can potentially rally to Rs 970 with interim resistance likely around Rs 910 levels. CLICK HERE FOR THE CHART


SPARC


Current Price: Rs 215


Upside Potential: 18.1%


Support: Rs 209; Rs 207


Resistance: Rs 225; Rs 243

SPARC stock is expected to trade with a favourable bias as long as the stock trades above Rs 209 – Rs 207 support range. On the upside, the stock can potentially surge to Rs 254, with interim resistance likely around Rs 225 and Rs 243 levels. CLICK HERE FOR THE CHART


PNB Housing


Current Price: Rs 976


Upside Potential: 9.6% 


Support: Rs 960


Resistance: Rs 987; Rs 1,030

PNB Housing Finance stock is likely to trade with a positive bias as long as the stock trades above Rs 960, below which support for the stock exists at Rs 940. On the upside, the can spurt to Rs 1,070 levels, with near hurdles seen at Rs 987 and Rs 1,030.  CLICK HERE FOR THE CHART


Sonata Software


Current Price: Rs 606 


Upside Potential: 11.4%


Support: Rs 584


Resistance: Rs 623; Rs 637

Sonata Software stock is likely to trade with a positive bias as long as the stock holds above Rs 584. On the upside, the stock can attempt a bounce back towards its 200-DMA (Daily Moving Average) which stands at Rs 675. Interim resistance for the stock is visible around Rs 623 and Rs 637 levels. CLICK HERE FOR THE CHART
 

First Published: Oct 14 2024 | 12:02 PM IST



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