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.

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