Following an eight-week losing streak in the Nifty, its first such run since 2001, domestic brokerage PL Capital remains cautious on the near-term market outlook. The brokerage does not expect a V-shaped recovery and does not rule out a further decline before the market enters a consolidation phase. The brokerage said the Nifty is currently trading at 15.5 times its one-year forward earnings, a 19.3% discount to its 15-year average price-to-earnings multiple of 19.2 times. Here are 8 small, midcap stocks the brokerage is bullish on.

Amber Enterprises India

Amber Enterprises India has a CMP of Rs 6,690 and a target price of Rs 9,234, indicating an upside of 38%. The company manufactures air-conditioning and other consumer durable components.

Aster DM Quality Care

Aster DM Quality Care has a CMP of Rs 683 and a target price of Rs 920, indicating an upside of 35%. The company operates hospitals and provides healthcare services.

Blue Star

Blue Star has a CMP of Rs 1,574 and a target price of Rs 1,797, indicating an upside of 13%. The company provides air-conditioning, refrigeration and commercial cooling solutions.

CESC

CESC has a CMP of Rs 136 and a target price of Rs 204, indicating an upside of 50%. The company is engaged in power generation and distribution.

Healthcare Global Enterprises

Healthcare Global Enterprises has a CMP of Rs 589 and a target price of Rs 820, indicating an upside of 39.2%. The company operates cancer care centres and provides specialised oncology services.

Ingersoll-Rand (India)

Ingersoll-Rand (India) has a CMP of Rs 4,098 and a target price of Rs 5,029, indicating an upside of 23%. The company manufactures industrial air compressors and related equipment.

Jindal Stainless

Jindal Stainless has a CMP of Rs 725 and a target price of Rs 867, indicating an upside of 19.50%. The company manufactures stainless steel products.

Mahindra Logistics

Mahindra Logistics has a CMP of Rs 412 and a target price of Rs 527, indicating an upside of 28%. The company provides integrated logistics and supply chain management services.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.