5 mid-cap stocks hit crucial peaks, enter next bull run; Do you own any?

These 5 mid-cap stocks may rise up to 20 per cent, as technical charts reveal positive breakouts

Shares of mid-cap companies like Abbott India, Linde India, Dalmia Bharat, Indraprastha Gas, and ABB India reached new 52-week high, claiming higher grounds with aggressive chart structures.

Indraprastha Gas, for instance, has risen close to 8 per cent this month, while Abbott India and Linde India have gained 3.50 per cent and 3 per cent, respectively.

All of these stocks reaching a 52-week high have established “Higher High, Higher Low” pattern, technically which is considered as a big bullish signal. Every recent decline has seen accumulation, which further encompassed the optimistic stance. 

On Monday, Abbott India, Indraprastha Gas and Dalmia Bharat continued their conquest by striking fresh highs, while Linde India and ABB India traded sideways. 

Here’s the technical outlook of these stock amid hitting fresh peaks:-

ABB India Ltd (ABB)

Likely target: Rs 3,800

Upside potential:  10%

There is an “Ascending triangle or pennant” formation, on the daily chart, implying an aggressive move over Rs 3,450 could propel stock to hit Rs 3,600 levels. While the volumes have remained mixed, the price action has developed robust momentum for the upward bias. 

The positive trend is well placed over the support of Rs 3,200 levels. Only a breach of this cushion could alter the bullish stance. CLICK HERE FOR THE CHART

Linde India Ltd (LINDEINDIA)

Likely target: Rs 4,500

Upside potential:  8.50%

Shares of Linde India have broken out of the “Inverse Head and Shoulder” pattern, a continuation pattern in its bull run has triggered fresh upside for the stock. Going forward, until the support of 3,600 is protected; the trend is likely to head in the direction of Rs 4,500 levels. 

The Relative Strength Index (RSI) is yet to enter the overbought condition, clearly sighting room for more upside, as per the daily chart. CLICK HERE FOR THE CHART

Dalmia Bharat Ltd (DALBHARAT)

Likely target: Rs 2,200

Upside potential:  10%

A breakthrough over the horizontal hurdle of Rs 1,990-mark, has prompted next upside in the stock. The counter is moving in the direction of Rs 2,200. The momentum oscillator, Moving Average Convergence Divergence (MACD) has comfortably leaped over the zero line, indicating that the trend to receive support from the current volatility. The support for the stock exists at Rs 1,900 and Rs 1,860 levels, as per the daily chart. CLICK HERE FOR THE CHART

Indraprastha Gas Limited (IGL) 

Likely target: Rs 530 and Rs 560

Upside potential:  15% to 20%

Shares of Indraprastha Gas have decisively conquered the hurdle of Rs 440, which it has failed since November of last year. This breakout shall endure resilient strength in the short-to-medium term. The support for the stock exists at Rs 430 and 400 and as long as these supports stay robust, the counter may rally to Rs 530 and Rs 560 levels.

The stock is gradually witnessing rise in volume. This demonstrates the interest of market participants, which shall further lead to higher heights. CLICK HERE FOR THE CHART

Abbott India Ltd (ABBOTINDIA)

Likely target: Rs 25,000

Upside potential:  9%

The “Higher High, Higher Low” formation began in May last year, continues to support the rising trend, as per the weekly chart. The stock has entered a fresh leg of upside, with moving averages supporting the trend. 

The stock is moving towards reaching a new historic peak. The current trend suggests that the counter may touch Rs 25,000 levels, unless the support of Rs 21,000 is broken. The overall structure reveals a steady upward trend. CLICK HERE FOR THE CHART