Escorts, Bank of India: Select midcap stocks are poised for up to 20% gains

Zydus Lifesciences, in particular, has been scaling 52-week highs with momentum staying highly elevated. Also, Aurobindo Pharma shares have seen a steeper rise, with aggressive chart structures.

Selective midcap stocks are displaying robust momentum on technical charts and are poised to align the bullishness seen in the benchmark indices procured in recent sessions.

Shares of Zydus Lifesciences, in particular, have been scaling 52-week highs with momentum staying highly elevated. Also, Aurobindo Pharma shares have seen a steeper rise, with aggressive chart structures. 

To add to this list, Bata India, Bank of India and Escorts have conquered crucial barriers and are set to emerge as the front runners in coming sessions.

Here’s the technical outlook of selective mid-cap stocks that could rise up to 20 per cent:-

Bata India Ltd (BATAINDIA)

Likely target: Rs 1,750

Upside potential: 20%

Shares of Bata India have broken out if the “Rectangular pattern”, shows the daily chart. This sideways trend since mid-February has led to an upward rise, leading price action to see bullish momentum ahead.

A closing basis support of Rs 1,425 could see that counter headed to Rs 1,750 mark, its next major barrier, as per both daily and weekly chart. CLICK HERE FOR THE CHART

Zydus Lifesciences Ltd (ZYDUSLIFE)

Likely target: Rs 600

Upside potential:  16%

The stock is rising with “Higher High, Higher Low” formation and continues to observe bullish interest. The recent sessions have seen a liner move, which may take some breather before the next up move.

Unless the support of Rs 475 is breached, the counter ought to witness higher levels. The next critical hurdle for the stock exists close to Rs 600 levels. CLICK HERE FOR THE CHART

Bank of India (BANKINDIA)

Likely target: Rs 95

Upside potential: 15%

Shares of Bank of India have seen robust accumulation in the range of Rs 70-Rs 65, forming a pattern similar to “Triple Bottom”. Now, if the counter sustains over Rs 81, the breakout of the pattern could implant a bullish bias towards Rs 95. 

The momentum indicator, MACD, has risen over the zero line, indicating support for the upward sentiment. CLICK HERE FOR THE CHART

Escorts Ltd (ESCORTS)

Likely target: Rs 2,000

Upside potential: 10%

An “Inverse head and shoulder” breakout is assisting this stock to close over the 200-days moving average (DMA), set at Rs 1,983-mark. Immediate support for the stock comes to Rs 1,920 levels. Once the price action manages to sustain over this average, the breakout shall perceive a positive bias towards Rs 2,000 levels. CLICK HERE FOR THE CHART

Aurobindo Pharma Ltd (AUROPHARMA)

Likely target: Rs650

Upside potential:  10%

The counter has negated the “Falling channel” pattern breakdown in early April. This up move has been steeper and aggressive. The counter may see profit booking at current levels; however the breakout has triggered medium-term bullishness in the stock, which shall witness accumulation at support levels.

Accumulation on decline could be the ideal way to enter in this bull run. Rs 520 should bolster the up move, which eventually could see Rs 650 levels. CLICK HERE FOR THE CHART