Business Standard
Web Exclusive

Midcaps, smallcaps set to outperform benchmarks in near-term: HDFC Sec

At current levels, midcap and smallcap stocks look more attractive than largecaps

Topics
Markets | Market technicals | HDFC Securities

Vinay Rajani  |  Mumbai 

Insurance for insurance investing

Nifty outlook

Nifty rose for the seventh session on the trot, to close at 12,643 on Tuesday. BankNifty continued its recent outperformance over Nifty, rallying almost 22 per cent in last seven sessions. Benchmarks are now in uncharted territory with full momentum. Pattern target for Nifty is seen in the range of 12,800-13,000. Support for the Nifty is shifted up to 12,300 odd levels. At current levels, Midcap and smallcap stocks look more attractive than largecaps.

BUY (Rs 70.85): | Target: Rs 74 | Stop-loss: Rs 69

The stock rose more than 3.5 per cent with significant jump in volumes. It also saw long build up in the derivative side on November 10, 2020. Short-term moving average of 8-day EMA has crossed over 21-day EMA on the upside. Moreover, oil and gas as well as PSU sector have started showing some traction after a long time.

BUY GAIL (90.85): | Target Rs. 96 | Stop-loss Rs 87.5

The stock price has surpassed the double top resistance of 90 placed on the daily chart. It has also closed above its 20 and 50-day EMA resistance. Volumes have gone up significantly along with the price rise in last few sessions. Oil and Gas as well as PSU sector have started showing some traction after a long time.


Disclaimer: Vinay Rajani is Technical Research Analyst at The analyst doesn't have any holding in the stock. Views are personal.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 11 2020. 08:00 IST
RECOMMENDED FOR YOU
.