Up 75% since Aug 8, this smallcap sees technical breakout; next 30-day outlook

Shares of MIC Electronics Ltd have surged 75 per cent from the August 8 low of Rs 44.50 apiece. The smallcap stock continued its recent run and hit an intraday high of Rs 78.02 today, before settling at Rs 74.99 on Thursday, up 5.72 per cent. According to Anand Rathi, the counter may witness further upside over the short term.MIC Electronics has delivered a breakout above the crucial Rs 70 mark on the weekly chart, supported by a noticeable rise in volumes, which adds strength to the move. 

"Technical indicators are also favoring the bullish sentiment, with both MACD showing a bullish divergence and RSI indicating positive divergence, suggesting momentum shift towards the upside," Anand Rathi said.

Given the supportive signals, the brokerage suggested accumulation of MIC Electronics shares in the price band of Rs 70–75. 

"A protective stoploss should be placed at Rs 65 on a closing basis to manage risk. On the upside, the stock has the potential to test Rs 85
levels in the near term," it said. The target suggests 16 per cent potential upside on the counter over the next 30 days. 

MIC Electronics Limited (MIC), established on May 17, 1988, designs, develops and manufactures Light-Emitting Diode (LED) streetlights and video display systems. Its product portfolio includes indoor and outdoor video displays, mobile display units, and LED lighting solutions. These displays are widely deployed across Indian Railways, sports stadiums, transportation hubs, and public information systems. The company’s registered office is located at MIC Electronics Pvt. Ltd, Mint Township, Cherlapalli, Secunderabad, Telangana – 501301.