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The Nifty Pharma index was trading 0.14 per cent down at 13229.2.

A total of 24,926 shares changed hands on the counter till 10:10AM (IST)

Strongly rebounded from 200-day SMA(2603), daily weekly RSI is in positive terrain.

Amidst a sideways journey of Sensex, Nifty Smallcap Index is up almost 20% in the last 3 months and at least 18 smallcap stocks have made investors richer by delivering multibagger returns. If the BSE Smallcap index closes this week on a positive note, then this will be the longest gaining streak in its history. The quarterly results season in the smallcap space was better in Q4FY23 due to fall in input and interest costs and pickup in demand. Other factors behind the gold rush in smallcaps include: catching up with largecaps, optimism surrounding the March quarter earnings, and continued support from domestic investors, particularly through mutual funds.

On the technical charts, the RSI of the stock stood at 50.36.

Ambika Cotton Mills, incorporated in the year 1988, is a Small Cap company (having a market cap of Rs 961.86 Crore) operating in Textiles sector.

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside.

In the Nifty500 pack, 10 stocks crossed their previous 5-year high value at the close on June 21, suggesting bullishness in counters

While the US central bank policy actions do have a bearing on the local policy rates as well, for now, we think RBI’s action will be driven by local macros.

We expect Nifty 50 earnings to grow at a CAGR of 15% over the next two years, providing enough cushion from a valuation perspective in the medium to long term.