5 midcap stocks ideas that can deliver up to 24% returns in the short-term

Aurobindo Pharma, IPCA Labs, Oil India, Mazagon Dock and GIC RE are the 5 midcap stocks that can potentially surge up to 24% from present levels, suggests technical charts.

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The Nifty MidCap index has rallied by nearly 16 per cent from its low of 17,270 hit on April 7. The index is now quoting above its 100-Daily Moving Average (100-DMA), and is roughly 2 per cent shy of the key long-term 200-DMA.  Amid the market recovery, select mid-cap stocks such as Dixon Technologies and BSE have soared over 26 per cent and 21 per cent, respectively since April 7. Other prominent gainers include - HUDCO, HDFC AMC, IDFC First Bank, IREDA, Solar Industries, Waaree Energies, PF Fintech, Apollo Tyres and Bandhan Bank - up more than 16 per cent each.  Going ahead, here are 5 midcap stocks that can potentially gain up to 24 per cent as per technical charts.  Aurobindo Pharma  Current Price: ₹1,200  Upside Potential: 12.5%  Support: ₹1,169, ₹1,150; ₹1,120  Resistance: ₹1,232, ₹1,254, ₹1,290; ₹1,309  Aurobindo Pharma stock has surged over 14 per cent from its recent low of ₹1,050. The stock is now seen trading above its 100-Daily Moving Average (100-DMA) for the second straight trading session, backed by positive crossovers on key momentum oscillators. CLICK HERE FOR THE CHART  Technical chart hints that the stock can potentially attempt a rally towards ₹1,350 levels in the short-term. Intermediate resistance for Aurobindo Pharma seems likely around ₹1,232, ₹1,254, ₹1,290 and ₹1,309 levels. In case of a dip, the stock is expected to find support around ₹1,169, ₹1,150 and ₹1,120 levels.    General Insurance Corporation of India RE (GIC RE)  Current Price: ₹428  Upside Potential: 17.8%  Support: ₹414; ₹399; ₹395  Resistance: ₹437; ₹452; ₹459; ₹476  GIC RE made a higher low in the recent fall, the stock now needs to cross its earlier at ₹452 in order to make a higher high. Further, momentum oscillators seem to be favourably placed for the stock. As such, in case of any dip, GIC RE is expected to find support around ₹414, ₹399 and ₹395 levels. On the upside, the stock faces near resistance at ₹437; above which the stock can potentially surge to ₹504 levels, with interim resistance possible at ₹452, ₹459 and ₹476 levels. CLICK HERE FOR THE CHART  IPCA Labs  Current Price: ₹1,461  Upside Potential: 13.3%  Support: ₹1,403; ₹1,352; ₹1,317  Resistance: ₹1,486; 1,515; ₹1,563  IPCA Labs has soared over 22 per cent from its low of ₹1,168 hit on April 7. The stock seems to be in a pullback mode, which could potentially stretch to ₹1,655 levels; with interim resistance likely for the stock at ₹1,486, ₹1,515 and ₹1,563 levels. The bias is likely to remain cautiously optimistic as long as the stock holds above ₹1,317, with near support seen at ₹1,403 and ₹1,352 levels. CLICK HERE FOR THE CHART    Mazagon Dock Shipbuilders  Current Price: ₹2,782  Upside Potential: 13.8%  Support: ₹2,600; ₹2,475; ₹2,380  Resistance: ₹2,850; ₹2,965; ₹3,067  Mazagon Dock stock has given a fresh breakout on the daily scale. The near-term bias for the stock is expected to be positive as long as it trades above ₹2,600 levels; below which key support for the stock exists at ₹2,475 and ₹2,380 levels. On the upside, the stock may zoom to new all-time high around ₹3,165 levels. Interim resistance for the stock can be anticipated around ₹2,850, ₹2,965 and ₹3,067 levels. CLICK HERE FOR THE CHART  Oil India  Current Price: ₹398  Upside Potential: 24.1%  Support: ₹420; ₹455; ₹484  Resistance: ₹369; ₹351  Oil India stock has been consolidating around its 100-Weekly Moving Average (100-WMA) for the last two months. The stock has now witnessed a fresh breakout on the daily scale, with signs of positive divergence on key momentum oscillators.  The stock faces overhead resistance at ₹407; above which a rally towards ₹494 levels seems likely. Interim resistance for the stock can be anticipated around ₹420, ₹455 and ₹484 levels. In case of a dip, the stock is likely to seek support around the 100-WMA at ₹369; below which support is seen at ₹351 levels. CLICK HERE FOR THE CHART