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In the NSE list of stocks with a market cap of over Rs 500 crore, five stocks crossed their previous 5-year high value at the close on November 22, suggesting bullishness in counters.

“Some of the midcap IT names have shown a bit of a resilience and when we look at the numbers – be it MindTree, LTI, LTTS and Persistent Systems – many of these companies have delivered extremely good sets of numbers and improved margins. There is a case for some sort of a revival in the broader IT space and some of these midcap names also.”

The stock quoted a 52-week high price of Rs 1521.6 and low of Rs 1070.95.

The risk-reward skew at current market price is very attractive in our view (5.3:1); while we acknowledge growth has been slowing in e-commerce sales in FY23, we believe it is a transient issue and is unlikely to be symptomatic of structural weakness in the space,” the brokerage said.

As of 31-Mar-2022, promoters held 30.3 per cent stake in the company, while FIIs held 24.67 per cent and domestic institutional investors had 17.27 per cent.

The Nifty Realty index closed 1.22 per cent down at 437.7.

Market experts believe that select stocks are set to break out on technical charts and may deliver strong returns to traders in the near term.

The stock quoted a 52-week high price of Rs 742.25 and a 52-week low of Rs 457.2.

As of 30-Sep-2022, promoters held 50.0 per cent stake in the company, while FIIs held 34.83 per cent and domestic institutional investors had 2.71 per cent.