SAMCO Securities Sees Further Upside in Three Midcap Stocks; Breakout Levels, Supports and Targets Investors Should Watch
Midcap stocks have continued to outperform the broader market in FY27, with the Nifty Midcap 100 and Nifty Midcap 150 gaining around 22 per cent and 21 per cent, respectively, compared with a roughly 9 per cent rise in the Nifty 50 during the same period.
The rally has also been broad-based. Data cited from ACE Equity shows that 98 stocks in the Nifty Midcap 150 have gained more than 10 per cent so far in FY27, highlighting strong participation beyond a handful of market leaders.
Against this backdrop, Om Mehra, Technical Research Analyst at SAMCO Securities, has identified three midcap stocks that are currently positioned at important technical levels and could potentially see further upside.
The stocks are 360 ONE WAM, ICICI Prudential Asset Management Company and Oberoi Realty.
360 ONE WAM: Higher Highs Signal Continued Strength
Current market price: ₹1,180
360 ONE WAM has maintained a positive technical structure, with the stock consistently forming higher highs on the daily charts.
According to Mehra, the stock is also trading above its key moving averages, indicating that the underlying trend remains positive across multiple time frames.
The continued ability of the stock to hold above its moving averages is an important technical signal because it suggests that buyers remain active even after periods of consolidation.
RSI Indicates Healthy Momentum
The Relative Strength Index (RSI) is positioned around 60 and has remained in the upper half of its recent range.
According to the analyst, the indicator reflects sustained momentum without suggesting that the stock has entered an excessively overbought territory.
Delivery percentage has also been improving, providing additional confirmation of investor participation.
360 ONE WAM Target at ₹1,280
Mehra expects the stock to potentially move towards ₹1,280.
The recommended stop-loss is placed at ₹1,120.
Key levels:
- Current price: ₹1,180
- Target: ₹1,280
- Stop-loss: ₹1,120
- Technical bias: Positive
A sustained hold above ₹1,120 would be important to preserve the current bullish setup.
ICICI Prudential AMC: ₹3,000 Support Holds the Key
Current market price: ₹3,105
ICICI Prudential Asset Management Company has shown a sharp recovery from an important technical support area.
Mehra points out that the stock bounced from the 61.8 per cent Fibonacci retracement level around ₹3,000.
The same region also coincides with rising trendline support around ₹3,020-3,030, creating a strong technical support cluster.
Momentum Begins to Improve
Trading volumes have remained slightly above the recent average during the recovery.
The stock has also displayed positive divergence, while its RSI has improved from around 42 to approximately 52.
This combination indicates that selling pressure has eased and buying momentum is gradually returning.
₹3,380 Seen as Potential Target
According to Mehra, ICICI Prudential AMC can potentially move towards ₹3,380, provided it continues to hold above the crucial ₹3,000 level.
Key levels:
- Current price: ₹3,105
- Major support: ₹3,000
- Support zone: ₹3,020-3,030
- Potential target: ₹3,380
- Technical bias: Improving
A decisive break below ₹3,000, however, would weaken the bullish setup.
Oberoi Realty: Breakout Above ₹1,825 Strengthens Setup
Current market price: ₹1,842
Oberoi Realty has emerged as the most notable breakout candidate among the three stocks highlighted by SAMCO Securities.
The stock recently moved above the ₹1,820-1,825 resistance zone, which had capped its advances on several earlier occasions.
The significance of the breakout has been strengthened by a substantial increase in trading activity.
Volumes Confirm the Breakout
According to Mehra, trading volumes increased nearly three times the recent average, while delivery volumes also rose meaningfully.
This suggests that the move was supported by stronger market participation rather than being driven solely by short-term speculative activity.
The earlier resistance zone could now turn into support if the stock sustains the breakout.
Positive RSI and MACD
Momentum indicators have also turned favourable.
Both the RSI and MACD histogram are supporting the bullish technical setup.
The combination of a price breakout, higher volumes and positive momentum indicators increases the probability of the stock attempting a further upward move.
Oberoi Realty Target at ₹1,960
Mehra sees potential upside towards ₹1,960.
The key support or stop-loss level is placed at ₹1,780.
Key levels:
- Current price: ₹1,842
- Breakout zone: ₹1,820-1,825
- Target: ₹1,960
- Stop-loss: ₹1,780
- Technical bias: Bullish
A sustained move above the breakout zone would be crucial for the next leg of the rally.
Midcap Rally Broadens Across the Market
The performance of the three stocks comes against the backdrop of a strong broader midcap rally.
The Nifty Midcap 100 and Nifty Midcap 150 have significantly outperformed the Nifty 50 in FY27.
Several individual stocks have delivered exceptional returns, with Laurus Labs, Radico Khaitan, Apar Industries, One97 Communications, Bharat Heavy Electricals and Oracle Financial Services Software among the notable performers cited in the analysis.
The broad participation suggests that investors have been willing to take exposure beyond large-cap stocks in search of higher earnings growth and structural opportunities.
Why Technical Breakouts Matter at This Stage
After a strong market rally, technical positioning becomes increasingly important.
Stocks that break through long-standing resistance with strong volumes can attract fresh buying interest.
At the same time, stocks that fail to sustain breakouts can quickly experience profit booking.
For the three stocks highlighted by SAMCO Securities, the important levels are therefore:
| Stock | Key Support | Potential Target | Technical Setup |
|---|---|---|---|
| 360 ONE WAM | ₹1,120 | ₹1,280 | Higher-high structure |
| ICICI Prudential AMC | ₹3,000 | ₹3,380 | Recovery from Fibonacci support |
| Oberoi Realty | ₹1,780 | ₹1,960 | Breakout above resistance |
Levels are based on the technical analysis cited from SAMCO Securities.
What Could Drive Further Upside?
Strong Market Breadth
Continued participation across midcaps could provide a favourable environment for individual technical breakouts.
Rising Delivery Volumes
Higher delivery participation can strengthen the credibility of price moves, particularly when accompanied by increasing volumes.
Positive Momentum Indicators
The RSI and MACD setups for the three stocks currently support the possibility of further upside.
Sectoral Strength
Financial services and real estate remain important components of the midcap universe, while investor appetite for quality growth companies could continue to support valuations.
Key Risks for Investors
Despite the positive technical setups, midcap stocks can be considerably more volatile than large-cap stocks.
Investors should watch for:
- Failure to sustain breakouts
- Sharp decline in trading volumes
- Breakdown below support levels
- Weakening RSI or MACD signals
- Broader market correction
- FII selling pressure
- Profit booking after a strong rally
- Valuation-related concerns
A stock that breaks out but quickly falls back below its resistance level could also indicate a false breakout.
Technical Levels to Track
360 ONE WAM
Support: ₹1,120
Potential target: ₹1,280
ICICI Prudential AMC
Support: ₹3,000
Potential target: ₹3,380
Oberoi Realty
Support: ₹1,780
Potential target: ₹1,960
These levels are technical reference points and should not be interpreted as assured returns.
Market Outlook
The broader midcap trend remains positive, with the Nifty Midcap indices substantially outperforming the benchmark Nifty 50 in FY27. The breadth of the rally is also encouraging, suggesting that investor participation has extended across a wider group of stocks.
Among the three counters highlighted by SAMCO Securities, 360 ONE WAM continues to display a strong higher-high structure, while ICICI Prudential AMC is attempting to build a recovery above its crucial ₹3,000 support. Oberoi Realty has delivered a notable breakout above ₹1,820-1,825, supported by a sharp increase in trading volumes.
The next phase will depend on whether these stocks can sustain their respective technical setups. A continued rise in market breadth and volumes could help the three counters move towards the analyst's indicated targets of ₹1,280, ₹3,380 and ₹1,960, respectively.
However, after the significant rally in the midcap universe, investors should avoid chasing stocks solely because of recent momentum. The ability to hold key support levels, sustain delivery volumes and maintain positive momentum indicators will be more important than short-term price spikes.
Overall, the technical picture remains constructive, but risk management is crucial. A sustained breakout in Oberoi Realty, continued strength in 360 ONE WAM and a successful defence of ₹3,000 in ICICI Prudential AMC could keep the bullish setups intact. Conversely, decisive breaks below the highlighted support levels would warrant caution and could trigger profit booking.