Technically, in May 2014, CNX Mid-cap Index broke out from rising channel pattern on the monthly chart which had been persisting since 2011. Managing to close above the same was the icing on the cake. Volumes spurt along with the price upmove suggests buying interest even at higher levels. On the upside, immediate resistance is seen around 12,200 levels which should be tested in the near term. Any corrections in the interim should be treated as a retracement and investors should use declines to accumulate these stocks.
IIFL has identified eight stocks from a technical perspective. These stocks have created a strong base and witnessed accumulation following a prolonged period of downtrend and are now all set to shoot higher.