These 3 midcap stocks are ripe for a breakout

At noon, Nifty Midcap 100 was up 1.14 percent at 45,460, while Nifty Smallcap 100 was up 1.3 percent at 14,850. According to technical analysts, several midcap stocks are now ready for a breakout

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The Indian equity market scaled new highs on December 14 after US Federal Reserve chairman Jerome Powell’s dovish comments. The Fed dot plot now signals three interest rate cuts for 2024. Along with the benchmarks Sensex and Nifty, broader market indices were also up, as lower interest rates mean higher appetite for slightly riskier assets.

At 1:20 pm, Nifty Midcap 100 was up 1.29 percent at 45,521 and Nifty Smallcap 100 was up 1.13 percent at 14,822.

Also Read: MC Explains: Why Fed took a dovish stance and what it means for Indian markets

According to technical analysts, several midcap stocks are now ripe for a breakout. Here are some of them:

NHPC (CMP: Rs 66)

According to Amit Seth, founder, sethamit.com, NHPC has registered a technical breakout on weekly and monthly charts at around Rs 58. The structure is positive and it is forming higher highs and higher lows. The stock can move to Rs 75, he said. “After a small consolidation pullback, stock is giving an opportunity to enter in a strong trend with swing low of Rs 61 as stop loss level,” Seth said.

M&M Finance (CMP: Rs 284)

M&M Finance is likely to see a breakout on two fronts, said independent technical analyst Manish Shah. “First, price is breaking above a falling trendline from July 2023 highs. Second, the price has been trading in a rectangle between 280-260 since November and is finally breaking out of this rectangle. M&M Finance is ripe for a rally to 300-325.” Stop loss at 270.

Cholamandalam Finance (CMP: Rs 1,221)

Arun Mantri, founder, Mantri Finmart, said that the counter has broken out from the recent short term peaks of 1200 levels and has been supported by good trading volumes. “The stock is all set to move higher towards the recent highs of 1,280 and surpass 1,300-plus levels in the coming days. The stock is having good support around 1,180 on the lower side.”

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.