Smallcap shares were seen outperforming the broader market on Thursday. As of 1 PM, the BSE SmallCap index was up 0.4 per cent, while the BSE Sensex was down 0.2 per cent, and the MidCap index up 0.2 per cent.
Out of the 250 BSE Smallcap index shares, 156 were seen trading with gains. Among these 6 smallcaps namely - Le Travenues Technology (ixigo), Hinduja Global Solutions (HGS), Radhika Jeweltech, Ksolves India, Gujarat Apollo Industries and Mirc Electronics - rallied in the range of 9 - 20 per cent, and in the process gave a breakout on the daily charts.
Technical charts show that each of these 6 smallcap stocks are presently trading above the higher-end of the Bollinger Bands, thus implying a breakout and potential further upside at these counters.
Here's a detailed outlook on these 6 smallcap stocks.
Le Travenues Technology (ixigo)
Current Price: ₹207.47
Likely Target: ₹243.60
Upside Potential: 17.4%
Support: ₹192
Resistance: ₹209.75; ₹217.73; ₹228.70
The near-term bias at ixigo counter is likely to remain upbeat as long as the stock trades above ₹192 levels. On the upside, the stock can potentially zoom to ₹243.60 levels, with intermediate resistance seen around ₹209.75, ₹217.73 and ₹228.70 levels.
Hinduja Global Solutions (HGS)
Current Price: ₹612
Likely Target: ₹730
Upside Potential: 19.3%
Support: ₹590
Resistance: ₹590; ₹637; ₹644; ₹682
HGS stock is likely to trade with a favourable bias as long as the stock quotes above ₹590 levels. At present, the stock is seen testing resistance around its 200-Day Moving Average (200-DMA), which stands at ₹608 levels. Breakout and sustained trade above the same can potentially trigger a rally towards ₹730 levels; with interim resistance likely around ₹637, ₹644 and ₹682 levels.
Gujarat Apollo Industries
Current Price: ₹426
Likely Target: ₹535
Upside Potential: 25.6%
Support: ₹412
Resistance: ₹432; ₹458; ₹491
Gujarat Apollo stock is likely to trade with a positive bias as long as the stock sustains above ₹412. The stock, however, faces an overhead resistance around ₹432 levels, in the form of the super trend line on the weekly scale. That apart, another important hurdle stands at ₹458. As and when the stock clears these resistance points, it shall open the doors for an extended rally towards ₹535, with possible interim stop at ₹491.
 "Breakout stocks: ixigo, 5 other smallcap shares ripe for up to 32% rally")
