Smallcap shine, 18 stocks of BSE-500 give 10-30% return

The Indian markets witnessed a lot of ups and downs in the last week. However, Cessanx-Nifty managed to hold their key support levels. Leaving aside the giants, last week saw the highest amount of action in the broad market, especially in the smallcap segment.

On March 12, Sensex closed up 0.7 percent and Nifty50 gained 0.62 percent, while the Smallcap index gained 1.3 percent. However, the mid-cap index closed flat.

Riding on Momentum, 18 smallcap stocks comprising the S&P BSE 500 were such that last week yielded 10–30 per cent returns. These include JustDial, IDBI Bank, Can Fin Homes, BEML, Welspun India, Meghmani Organics and IFC.

How will the market move in the future

The Nifty managed to maintain the 15000 level on 12 March. This augurs well for the Bulls. In the next week, starting from Monday, the market will react to the CPI and IIP data that came in yesterday, which have not been good from the economy and market perspective. After the $ 1.3 trillion package was approved in the US, all eyes will now be on the US Fed policy meeting to be held on March 17.

Vinod Nair of Geojit Financial Services says that due to rising US bond yields, we have seen a lot of volatility in the market. Although the US support for the decline in the unemployment rate and the stamping of stimulus package, the continued rise in bond yields is hurting the market sentiment. Now the market is eyeing the Fed policy meet to be held on 16 and 17 March.

He further said that the market is waiting for some kind of statement from the US Fed that it will maintain its accreditative stance. The domestic market will also keep an eye on the February CPI data.

Technical view

On March 12, the Nifty was able to close above the key support level of 15000, which is a good sign for the market. The Nifty created a strong bearish candle on the Daily scale and a doozy pattern on the Weekly scale. The Nifty has ruled out higher-lows formations for the last 3 trading sessions and also lost the Bullish Momentum.

Experts say that now if the Nifty has to go towards 15,200-15,300, then it will have to stay firmly above 15000.

Srikanth Chavan of Kotak Securities says that the Nifty has not crossed the 15,431 and Cessenx 52,561 levels and the Indian market has once again come close to its lower support. 14,850 for Nifty and 50,150 for Sessenx are important support levels. If it breaks, then Nifty / Sensex 14,650 / 49,500 can then move towards 14,500 / 49,000. He further stated that it is not possible for the market to exit Weeknes immediately. However, if it manages to hold the 15,200 / 51,250 level, then we can see an increase in the market.

Kotak Securities recommend buying in technology stocks. Srikanth Chavan says that the Nifty has created a Bearish Hammer with a low high on the Weekly Chart, which is advisable to cut a week long positions at the registration level. If there is a fall in the market then (14,500 / 49,000) it would be advisable to buy in quality shares.

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