Overnight Digest: Small and Mid-Cap Stocks to Watch on October 12, 2023

Nifty 50 opened with a gap up on October 11, 2023, and maintained its bullish momentum throughout the day, closing higher than its opening price. It achieved higher highs and higher lows, which are all bullish signals. The index closed at 19,811.35, up 121.5 points (0.62%) from the previous day’s close. Out of the Nifty 50 constituents, 37 stocks advanced, while 17 stocks declined. Hero Motocorp, Grasim, and Wipro were the top gainers on Nifty 50 on October 11, 2023, while HCL Tech, Coal India, and LTI Mindtree were the top losers. The price action of Nifty 50 suggests that the index is in a bullish trend, and traders should continue to monitor the index for further signs of strength.

Meanwhile, Nifty Mid-cap 100 slightly underperformed Nifty 50, closing 0.50% higher for the day, while Nifty Small-cap 100 outperformed with an increase of 0.84%.

Here are the top five Mid-cap and Small-cap stocks to watch for tomorrow:

1. Praveg Ltd (CMP- Rs. 543.35): The company has received a Work Order dated October 10, 2023, from the Department of Tourism, U.T. Administration of Dadra & Nagar Haveli and Daman & Diu for the Development and Operation of Damanganga Garden Kachigam, Daman.
2. Pakka Ltd (CMP- Rs. 260.5): The stock is trading near its all-time high and saw the highest volume in the past month. The company’s revenue for the June 2023 quarter was Rs. 106 crore, up 21% year-over-year. Net profit for the quarter was Rs. 16 crore, up 45% year-over-year.
3. Kesoram Industries LTD (CMP- Rs. 90.25): Kesoram Industries LTD reported revenue of Rs. 999 crore, up 12% YoY, and net profit of Rs. 149.8 crore, up 50% YoY. The company will release its quarterly financial results on October 12.
4. Tata Metaliks (CMP- Rs. 936): The company’s stock is trading just 7% away from the 52-week high of Rs. 1002, and it is expected to release its quarterly results on October 12, so keep it on your watchlist.
5. JK Tyres (CMP- 311.30): The company’s stock price surged 15.23% for the day on strong volume, driven by a positive outlook ahead.

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.