Overnight Digest: Top 5 mid and small-cap stocks to watch on November 8, 2023

Nifty 50 and Sensex opened flat on Tuesday, pausing the previous three-day rally. Nifty opened at 19,404.05, reached almost exactly the same high as yesterday of 19,423.50, and closed at 19,406.70, down 5 points (-0.03%) from yesterday’s close.

Nifty ended the day by making a Doji pattern, which is a candlestick pattern that signals indecision or neutrality. This suggests that the market is taking a breather after the recent rally.

Top gainers on Nifty 50 included Sun Pharma, BPCL, NTPC, Dr Reddy’s Laboratories, and IndusInd Bank. Top losers included Hero MotoCorp, Bajaj Finance, JSW Steel, Divis Laboratories, and Reliance Industries.

Sectorally, Nifty Pharma and Nifty Oil and Gas were notable gainers, while Nifty Realty declined the most along with Nifty Oil and Gas.

As far as broad market indices are concerned, Nifty Smallcap 100 closed up 0.75% and Nifty Midcap 100 closed up 0.28%, outperforming the benchmark indices.

Top 5 mid and small-cap stocks that deserve your attention this Wednesday, 8 November 2023

1. Radiant Cash Management Services Ltd (CMP Rs 91.35) received approval from its board for the acquisition of Aceware Fintech Pvt Ltd. This strategic acquisition will enable RCMS to expand its presence in the fintech sector, offering a unified platform for digital banking services. Leveraging Acemoney’s technological expertise and digital capabilities will position RCMS favorably to tap into the growing digital transactions in Tier 3+ regions. The stock is currently trading near its support zone, making it a significant candidate for inclusion in your watchlist.
2. Pokarna Ltd (CMP Rs 555.6) is set to reveal its Q2 FY2024 results on November 8, during market hours. The stock’s appeal is further enhanced by the doubling of FII shareholding over two years, making it an intriguing addition to your watchlist.
3. Monte Carlo Fashions Ltd (CMP Rs 720.95) has announced the launch of a new range of footwear products, including Premium Leather Shoes, formal shoes, semi-formal loafers, moccasins, and leather slippers. This expansion aims to cater to customers’ complete wardrobe requirements and is expected to be launched on approximately November 10, 2023, making it a valuable addition to the watchlist.
4. Apollo Micro Systems Ltd (CMP Rs 113.5) closed today at its 52-week high price, recording a remarkable gain of 10% for the day. This stock has proven to be a multibagger, providing investors with a substantial 353% return for those who have held it for the past year. This stock certainly deserves a spot on the watchlist.
5. Automotive Axles Ltd (CMP Rs 2328.6) is gearing up to announce its Q2 FY2024 results on November 8. This company has delivered an impressive 3-year compounded profit and sales growth of 35% and 57%, respectively. Don’t forget to include this stock in your watchlist.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.