We recent saw the bounce and swing for large cap stocks as represented by the Nifty 50. The question is whether these bounce and swing parameters also gave signals of alpha in mid-cap stocks? While the index has 100 constituents, we eliminated 6 constituents as they did not have the full year unfettered data. How did these 94 mid-cap stocks score on bounce (1-year returns and resilience from lows) and on swing (1-month returns and proximity to peak price)? While swing captures the short term flavour of these stocks, it is bounce that captures the relatively longer term flavour of these stocks. The table below captures the top performing mid-caps on all 4 parameters. Let us figure out? 

Two interesting sectors; defence and chemicals, made an appearance this month. Let us look at swing and bounce. Let us focus on defence first. While Bharat Dynamics appeared at the top on 1-month returns, Mazagon Docks appeared in the top on proximity to the peak levels. SRF and UPL, two major chemical companies made a joint appearance in proximity to list, on the back of robust domestic and global demand. 

What about the bounce factor on the right hand side? Defence and chemicals have been predominantly a momentum story. However, Mazagon Docks has also featured in the top on bounce from lows, which is a signal of resilience in the stock. A stock that has actually featured in most off the lists is Dixon Technologies, which is an electronic manufacturing services (EMS) play. Paytm has done very well on bounce parameters. 

While the leaders are often impressive, it is the laggards that are normally a lot more instructive. Here is a quick take on the major laggards among the mid cap stocks. 

1. Let us start with swing by way of 1-month returns. At the bottom were the specific plays like Voltas, Nalco, Glenmark Pharma, Coforge, and Muthoot Finance.
2. What about swing in terms of proximity to peak price? Stocks under pressure were again stock specific like Vodafone Idea, ATGL, Oil India, and IREDA.
3. Let us turn to resilience in the form of 1-year returns. In this case, laggards are stocks that struggled like Vodafone Idea, Tata Technologies, ATGL, CONCOR, etc.
4. Finally, let us look at resilience of mid-caps in terms of bounce from lows. Here, the laggards included stocks like ACC, Exide, Voltas, and Vodafone Idea (in all lists).