Overnight Digest: Top 5 mid and small-cap stocks to watch out for November 9, 2023

Echoing yesterday’s pause from a robust rally over the past few days, the Nifty50 closed flat today, forming a Doji candlestick pattern. Commencing at 19,449.60, the index ascended to a high of 19,464.40 before retreating to a low of 19,401.50. It concluded at 19,443.25, registering an increase of 36.80 points (0.19%) from the previous day’s closing.

The formation of a Doji candlestick pattern suggests that the market is indecisive at this point in time. This could be a sign that the recent rally is losing momentum, or it could be simply a pause before the market continues its upward trend.

Top gainers for the day included BPCL, Adani Ports, Asian Paints, CIPLA, and Titan. Top losers included ICICI Bank, INFY, NTPC, Tech Mahindra, and Tata Consumer.

Broader market indices outperformed the Nifty50 today. The Nifty Smallcap 100 index rose 92.45 points (0.70%) and the Nifty Midcap 100 index rose 397.05 points (0.99%).

Here are the Top 5 Mid and Small-cap Stocks to Watch for Tomorrow, 8 November 2023

1. Action Construction Equipment Ltd (CMP Rs 846.55): Prepare to add Action Construction Equipment Ltd to your watchlist as the company gears up for its Q2FY2024 results release on November 9 during market hours. Having delivered a remarkable 200% return in the past year, coupled with impressive TTM compounded profit and sales growth of 51% and 28%, respectively, this stock is one to keep an eye on.
2. NCC Ltd (CMP Rs 156.25): NCC Ltd, scheduled to unveil its Q2FY2024 results on November 9 during market hours, witnessed a notable 5.01% surge today, indicating strong buying interest. The stock has rewarded investors with a 117% return over the past year and delivered a 10% return on equity, making it a compelling addition to your watchlist.
3. Neuland Laboratories Ltd (CMP Rs 4937.8): Neuland Laboratories Ltd scaled a new 52-week high of Rs 4994 today, securing a 7.02% gain and signalling significant buying activity. This remarkable performance makes it a must-have on your watchlist.
4. Sigachi Industries Ltd (CMP Rs 46.75): Sigachi Industries Ltd, having achieved its 52-week high price and delivering an impressive 76% investor return over the past year, deserves a spot on your watchlist. The stock’s FII holdings have doubled compared to the previous quarter, further solidifying its potential.
5. Prince Pipes & Fittings Ltd (CMP Rs 720.6): Prince Pipes & Fittings Ltd experienced an extraordinary volume surge today, surpassing its average weekly volume by over 72 times. The stock’s robust 15.26% gain for the day highlights its strong upside momentum, making it a stock to watch closely.

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.