This smallcap stock is up 40% in 5 days; what do charts hold?

Technopack Polymers, which supplies plastic and paper products for packaging fast-moving consumer goods, has zoomed close to 50% after it listed on the BSE on November 17. How high will it go? Read on find out what analysts think

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Barely two months old on the BSE, Technopack Polymers has zoomed close to 50 percent after it listed on November 17. The stock saw some profit booking in December but has surged more than 40 percent in the new year.

On January 16, the stock hit upper circuit and closed at Rs 128.25 on the BSE, up 19.9 percent from the previous session. The small and medium enterprise has a market capitalisation of Rs 67 crore, of which free float market cap is only Rs 17.4 crore.

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Incorporated in 2018, the company supplies plastic and paper products for packaging fast-moving consumer goods. It manufactures high-quality PET (poly-ethylene terephthalate) preform with the “Technopet” brand name. The company has more than 1,000 clients with a presence in seven states, its website says.

The company launched its IPO between November 2 and 7 at an issue price of Rs 55 a share. The issue was subscribed 19.81 times in the retail category, and 19.82 times in the non-institutional investor category.

Its promoters hold 75.4 percent in the company and public shareholding in 24.5 percent.

Also Read: 17,000% return in 10 years but this market segment is a tough play

On 9 January, the company said it will launch 26/22 mm short-neck preform with brand a new mould. On December 16, it received orders worth Rs 2.25 crore from Madhya Pradesh, Assam and Hyderabad for cap closures and preforms.

What lies ahead?

The stock’s chart, however, does not scream “buy” at this point of time, say analysts.

“It has a very short technical history as it is a recent listing. However, from whatever historical data that is available, it appears that the stock has shown a strong move after consolidation between 89-99 levels,” said Milan Vaishnav, founder of Gemstone Equity Research.

It is trading at Rs 128, the looks to be heading to its previous high of Rs 139. It is at this point that the stock may find some resistance. It trading in the overbought zone, he added.

Tips2Trade’s AR Ramachandran, a Sebi-registered analyst, agreed. “The stock price is currently overbought and hence buyers should book partial profits at current levels or keep a strict stoploss of 114,” he said.

“A daily close above the resistance of 132.5 should lead to targets of 162 and even 210 in the weeks ahead,” he added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.??