Breakout stocks: ixigo, 5 other smallcap shares ripe for up to 32% rally

Smallcap stocks - ixigo, Hinduja Global, Gujarat Apollo, Radhika Jeweltech, Ksolves India and Mirc Electronics witnessed a breakout on the daily chart on Thursday, July 17.

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. 

 

 

Mirc Electronics

Current Price: ₹18.9  Likely Target: ₹25  Upside Potential: 32.3%  Support: ₹17.12  Resistance: ₹21; ₹23.50  Mirc Electronics is likely to trade on an upbeat note as long as the stock holds above ₹17.12. On the upside, the stock can potentially surge to ₹25-mark in the coming months. Interim resistance for the stock can be anticipated around ₹21 and ₹23.50 levels. 

 

 

Radhika Jeweltech

Current Price: ₹98.75  Likely Target: ₹108  Upside Potential: 9.4%  Support: ₹92.44  Resistance: ₹100.24; ₹101.17  Radhika Jeweltech stock is likely to trade with a bullish bias as long as the stock quotes above ₹92.44. On the upside, the stock faces near resistance around its 200-DMA at ₹100.24 and ₹101.17 levels - which is where the 100-Week Moving Average stands. Breakout above the same can help the stock spurt towards ₹108 levels. 

 

 

Ksolves India

Current Price: ₹375  Likely Target: ₹435  Upside Potential: 16%  Support: ₹363  Resistance: ₹375; ₹420  Ksolves India is likely to trade on a positive note as long as the stock sustains above ₹363 levels. The stock at present is seen countering resistance around its 100-DMA at ₹375, above which the next hurdle could be the 200-DMA at ₹420 levels. The stock may target ₹435 levels on the upside.