Leading brokerage firms have identified several midcap stocks exhibiting promising technical patterns for short-term trading opportunities. Utilizing indicators such as moving averages, support and resistance levels, and trading volumes, analysts point to Punjab National Bank (PNB), Swiggy, and Glenmark Pharmaceuticals as potential candidates for upside movement.
Punjab National Bank (PNB)
SMC Global Securities recommends a 'Buy' for PNB, noting a significant trend reversal on its daily chart. The stock has broken above its long-term moving average and exited a prolonged consolidation zone, signaling the start of a new uptrend. Consistent higher highs and higher lows reflect sustained buying interest, supported by constructive momentum indicators like the RSI holding above 60. The recent breakout was also accompanied by improved trading volumes, adding conviction to the bullish outlook.
- Target Price: Rs 133-135
- Stop Loss: Rs 109
- Accumulation Range: Rs 118-120
Immediate resistance is anticipated around Rs 120-122, with a major breakout hurdle near Rs 125. The breakout zone of Rs 112-114 is expected to act as strong support, followed by a base around Rs 108-110. A sustained close above Rs 122 could confirm the next phase of the rally.
Swiggy
SMIFS has issued a 'Buy' recommendation for Swiggy, observing a steady improvement in its price structure following an extended corrective phase. The stock has begun forming a pattern of higher tops and higher bottoms, a classic indicator of a potential trend reversal from bearish to bullish sentiment. Recent price action suggests accumulation at lower levels, with the stock maintaining positions above its short-term moving averages, indicating improving momentum.
- Target Price: Rs 300
- Stop Loss: Rs 270
Volume activity has remained supportive during its recent upward movement, signaling active buyer participation. As long as Swiggy maintains a closing price above Rs 270, the positive structure is expected to persist. A closing below Rs 270 would negate this bullish setup and trigger the stop-loss.
Glenmark Pharmaceuticals
SMC Global Securities also recommends a 'Buy' for Glenmark Pharmaceuticals, highlighting a constructive bullish setup on its daily chart. The stock is trading well above its rising long-term moving average and gradually forming higher highs and higher lows after a period of consolidation. Accumulation has been noted near the Rs 2,180–2,200 zone, with the stock attempting to move towards the upper end of its recent trading range, reflecting growing buying interest.
- Target Price: Rs 2,460-2,480
- Stop Loss: Rs 2,160
- Accumulation Range: Rs 2,290–2,320
Momentum indicators are supportive, with the RSI-based indicator trending higher and holding around the 60 zone, suggesting positive momentum without being overextended. A sustained close above Rs 2,350, ideally supported by higher volume, could confirm the next leg of the uptrend. Volume expansion on a breakout would provide additional confirmation, as such breakouts are generally considered more reliable.
Disclaimer: This article provides stock market information for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.