During the week, about 36 smallcap stocks have delivered double digit weekly returns with three of them offering over 25% returns.
Banco Products was the top gainer in the smallcap pack with nearly 35% return, followed by Kiri Industries (27.46%), Everest Kanto (26.4%), and Supriya Lifescience (24.5%).
About 8 stocks including Dham Services, Garware Technical Fibre, Sammaan Capital, Dhani Services, Pearl Global Industries, Nalco among others have offered returns between 15-25% during the week.
Also Read: Market may be more into consolidation over next 12 months: Krishna Sanghavi
In the midcap segment, five stocks including Paytm, The Phoenix Mills and Suzlon have risen in double digits. While Paytm gained 17%, Phoenix and Suzlon were up 16% and 15%, respectively.
Among the BSE500 pack, Paytm and Nalco topped the charts with a total of 11 stocks delivering double-digit returns to investors.
What should investors do?
Analysts said investors need more clarity on the trend reversal to conclude that the current bounceback will turn into a Santa Claus rally. The election results of Maharashtra elections will be one of the key factors in shaping the market direction next week.Further, key macro data like PMI, IIP, and inflation will be keenly watched by investors.
“Investors shrug off Adani fears and expect state election results to bring more stability to the market. Many of the blue chips are available at below-average valuations, while meaningful corrections in mid- and small cap indices provide opportunity for broad-based momentum,” said Vinod Nair, Head of Research, Geojit Financial Services.
Technically, we can observe that Nifty surpassed the previous swing high of 23,780 on the daily charts and thereby reversing its short-term trend.
“On the upside we expect the Nifty to retrace towards 24400 with the potential to extend towards 24,730. On the downside, 23,630 – 23,560 shall act as a crucial support zone and only a dip below these levels shall make the structure weak,” said Jatin Gedia of Sharekhan.
With data inputs from Ritesh Presswala
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
