Two Small-cap breakout stocks to keep on radar!
Two smallcap stocks with the potential to stand out!
On Friday, Nifty traded within 90 points range and it formed a hanging man like candlestick pattern with modest gains of 0.15 per cent. Meanwhile, on the weekly chart the index has formed a bullish candlestick pattern as the index gained more than 1 per cent after consolidation in the previous week, also there was higher formation for the sixth week in a row.
Nifty managed to extend its northward journey and gave a fresh record closing above the 18500 mark on the first day of the December series. Nifty Media, Realty, Auto, Pharma, Energy, IT and Metal stocks supported the market, whereas select banking & financial services and FMCG stocks were under pressure.
With benchmark at record high and improvement in the broader participation in the last trading session of the week would play a critical role in shaping the market trend. Traders are advised to follow the trend and focus on identifying stocks which could outperform ahead and hence, we have identified two Small-Cap stocks which have potential to standout on D-street in the coming trading sessions.
Here are two stocks:
- Power Mech Projects- The stock has jumped over 6.5 per cent on Friday and with this it has witnessed a breakout of over one and half month of basing pattern. Interestingly, the breakout of basing pattern is seen on the back of robust volume. As the volume recorded on Friday was above the 50-days average volume. Hence, keep a close watch on this stock.
- Grauer & Weil (India): The stock had advanced more than 5.5 per cent on Friday and with this it has witnessed a breakout of ascending triangle like pattern. The stock has witnessed breakout on back of stunning volumes as volume for the day were highest single day volume since October 20, 2022 and moreover, the volume witnessed a jump of nearly two-fold when compared to its 50-days average volume. Considering that the stock has witnessed a breakout along with stunning volumes, this stock deserves to be on your watchlist.
Let us known which stock is on your watchlist from small-cap segment and also the reason for the same, in the comment section.