Share market: Midcaps to buy; HDFC AMC, Grindwell, Bayer Crop, L&T Finance

Technical charts show that these four stocks have given a breakout on the daily scale on closing above the super trend line indicator.

These 4 midcap stocks - HDFC AMC, Grindwell Norton, Bayer CropScience and L&T Finance - have given a fresh breakout on the daily scale; thus suggesting a possible favourable trading action in the near-term.  A common technical factor in these 4 stocks is that they all managed to breakout above the super trend line resistance on the daily scale on Wednesday. In general, stocks trading above the super trend line tend to attract more buyer interest.  As such, here's a technical outlook on each of these stocks with likely support and resistance levels.  HDFC Asset Management Company (HDFC AMC)  Current Price: Rs 4,506  Upside Potential: 11%  Support: Rs 4,380; Rs 4,350  Resistance: Rs 4,630; Rs 4,710; Rs 4,860  HDFC AMC not only broke above its super trend line yesterday, but had also managed to close above the higher-end of the Bollinger Bands on the daily scale. However, today the stock is seen consolidating around the higher-end of the Bollinger Bands, which stands at Rs 4,525. The stock needs to sustain above the same for a continued run.    However, in case, the stock closes below the same, it could consolidate in the near-term and seek support around Rs 4,380 and Rs 4,350 levels; before resuming its up move. The short-term bias is likely to remain favourable as long as the stock holds above Rs 4,272.  On the upside, break and sustained trade above Rs 4,525 can trigger a rally towards Rs 5,000-mark; with interim resistance likely around Rs 4,630, Rs 4,710 and Rs 4,860 levels. CLICK HERE FOR THE CHART  Grindwell Norton  Current Price: Rs 2,202  Upside Potential: 16%  Support: Rs 2,126; Rs 2,040  Resistance: Rs 2,345  Grindwell Norton is likely to trade with a favourable bias as long as the stock trades above Rs 2,040 levels; with near support seen at Rs 2,126 - its 20-DMA (Daily Moving Average).  On the upside, the stock seems on course to test resistance around its 100-DMA at Rs 2,345; above which a rally towards Rs 2,555 levels seems likely. CLICK HERE FOR THE CHART  Bayer CropScience  Current Price: Rs 6,254  Upside Potential: 12.7%  Support: Rs 5,925; Rs 5,730  Resistance: Rs 6,370; Rs 6,520; Rs 6,835  At present, Bayer CropScience is seen testing resistance around its 100-DMA, which stands at Rs 6,300. The stock will need to break and trade consistently above Rs 6,370 levels for a sustained rally to emerge.    On the upside, the stock can potentially rally to Rs 7,050 levels; with interim resistance likely around Rs 6,520 and Rs 6,835 levels. On the downside, support for the stock stands at Rs 5,925; with overall bias likely to remain positive as long as support at Rs 5,730 is held. CLICK HERE FOR THE CHART  L&T Finance  Current Price: Rs 148  Upside Potential: 18.2%  Support: Rs 143.40; Rs 140  Resistance: Rs 152; Rs 163  L&T Finance has given a breakout above its super trend line after more than two months. The bias at the counter is expected to remain positive as long as the stock sustains above Rs 140; with near support for the stock seen at Rs 143.40.  On the upside, the stock faces near resistance around Rs 152; above which the stock can potentially rally to Rs 175, with interim hurdle seen at Rs 163. CLICK HERE FOR THE CHART