Bull Run: 5 smallcaps hit new 52-week highs; charts show up to 19% upside

Stocks setting new 52-week highs demonstrate aggressive chart structures

Shares of Can Fin Homes, Exide Industries, and KPIT Technologies unveiled a remarkable trend on Thursday, as bulls ride the prices to a new 52-week high. Likewise, stocks like Bharat Dynamics, CreditAccess Grameen, Global Health, and Firstsource Solutions also displayed resilient moves. 

So far this year, KPIT Technologies has skyrocketed 56 per cent, while Can Fin Homes, Firstsource Solutions and CreditAccess Grameen have surged close to 34 per cent, respectively. Global Health and and Exide Industries have gained 28 per cent and 18 per cent each. 

While Nifty Small cap index is falling short in reaching its all-time high mark, which the Nifty Mid-cap achieved in the last week, selective stocks in its pack have evolved with aggressive bullish structures.

Here’s the technical outlook of small-cap stock hitting new 52-week high:-

Can Fin Homes Ltd (CANFINHOME)

Likely target: Rs 800

Upside potential:   10%

Shares of Can Fin Homes are few points shy of hitting a new all-time high. The previous peak is at Rs 719.80, reached in October 2021. The trend on the daily charts reveals an upward slanting rally since late April this year, which seems to recognize the underlying positive trend. 

The present chart structure has a support at Rs 650 and a move over the previous high could mean that the price action is on its way to Rs 800 levels.  CLICK HERE FOR THE CHART

Exide Industries Limited (EXIDEIND)

Likely target: Rs 245

Upside potential:   14%

Shares of Exide Industries have displayed remarkable stability over the barrier range of Rs 200 to Rs 195. This endurance portrays further upside in the stock. With the support of Rs 200, the stock might rally in the direction of Rs 245. 

In addition, there is a breakout “Golden Cross” on the weekly chart, implying medium-term optimism for the stock. Unless the stock breaks Rs 170, the trend shall endure upside bias. CLICK HERE FOR THE CHART

Bharat Dynamics Ltd (BDL)  

Upside potential: Rs 1,300

Likely target: 18%

Post observing a short accumulation stage in the range of Rs 1,040 to Rs 960, the stock has broken out on the upside. The trend is upward rising and continues to observe bullish bias since early march this year. 

Immediate support for the stock exists at Rs 1,000 level, with price action denoting movement towards Rs 1,300- level. As per the line chart, the trend continues to remain upward, shows weekly setup. CLICK HERE FOR THE CHART

KPIT Technologies Limited (KPITTECH)

Upside potential: Rs 1,250

Likely target: 14%

The breakout of the “Pennant pattern”, on the weekly chart has moulded a positive bias that continues to experience aggression following conquering substantial hurdles. The medium-to-long term trend remains optimistic, with price aiming at Rs 1,250-mark. The daily chart reveals a horizontal breakout at Rs 950 levels. 

Supports for the current bias stand at Rs 1,000 and Rs 950 levels. Despite there is a sluggish volume, the price action is not letting away the bullishness.  CLICK HERE FOR THE CHART

CreditAccess Grameen Ltd (CREDITACC)

Upside potential: Rs 1,500

Likely target: 19%

Shares of CreditAccess Grameen have provided a “Flag pattern” breakout, a continuation pattern in the bull-run, as per the daily chart. A fresh 52-week suggests the trend is buoyant and ready to withstand any selling pressure. 

The immediate support for the stock falls at Rs 1,200, which needs to be assessed on the closing basis. And a bullish rally towards Rs 1,500 cannot rule out.  CLICK HERE FOR THE CHART