Overnight Digest: Small and mid-cap stocks to watch on October 17, 2023

The Nifty 50 index ended the day slightly lower on Monday, October 16, 2023. The index opened at 19,737.25 on a flat note and traded in a narrow range throughout the day, with a high of 19,781.3 and a low of 19,691.85. The index closed provisionally at 19,731.75, down 19.3 points (-0.10%) from the previous close.

The top gainers for the day were Hero MotoCorp, JSW Steel, Tata Steel, LTI Mindtree, and UPL. The top losers for the day were Divis Labs, Nestle India, TCS, IndusInd Bank, and Adani Ports.

The market sentiment was indecisive throughout the day, as reflected by a doji like candle with wicks on both sides. This indicates that there was neither strong buying nor selling pressure in the market.

Other sectoral indices showed a mixed performance. Nifty Auto, Nifty Energy, and Nifty Metal indices were slightly up for the day, while Nifty SmallCap 100 and Nifty MidCap 100 indices were up 0.29% and 0.19% respectively, showing mildly bullish momentum.

Overall, the Nifty 50 index had a subdued performance on Wednesday, with indecisive market sentiment. However, other sectoral indices showed a mixed performance, with some sectors showing mildly bullish momentum.

Here are the top 5 Small and Mid-Cap stocks to watch on October 17, 2023

1. Advani Hotels (CMP Rs. 106.1)

The stock currently trading near its all-time high of Rs. 111 and has above-average daily volume, which suggests that there is strong buying interest in the stock. Keep this stock on the watchlist.

2. TCI Express Ltd (CMP Rs. 1399.90)

The company is set to announce its Q2FY24 results on October 17. It is almost debt-free and has a good return on equity (ROE) track record of 3 Years ROE standing at 25.6%. The company has been maintaining a healthy dividend payout of 20.4%.

3. JK Paper Ltd (CMP Rs. 396.7)

JK Paper’s board has agreed to acquire Manipal Utility Packaging Solutions Private Limited (MUPSPL/Target entity). MUPSPL’s Paid-up share capital is Rs 40.70 crore. During FY 2022-23, its turnover was Rs 147.77 crore. The target entity being acquired is in the packaging industry. The said acquisition is in synergy with the long-term strategic objective of the Company and its subsidiaries in the packaging business. So, Keep the company stock on the radar.

4. Newgen Software (CMP Rs. 935.05)

The company will announce its earnings for the second quarter of FY24 tomorrow, October 17. The stock saw a surge in volume today by more than three times its average volume.

5. Salzer Electronics Ltd (CMP Rs. 417.75)

The company’s stock price surged more than 9% on October 16, 2023. The stock has hit an all-time high of Rs 419.9, with the highest single-day volume recorded since August 17. The recent addition of renowned investor Dolly Khanna to the company’s shareholder register in September 2023 has further bolstered investor confidence in the company.

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