Axis Securities is betting on these mid, smallcaps for up to 32% upside

With robust GDP data, the market positioning is expected to shift toward domestic-oriented themes. The monsoon will play a key role in rural and broad-based recovery, the brokerage has said

The Indian market ended lower in a choppy session on June 8 after the Reserve Bank of India left rates unchanged but said that the inflation battle was far from over. The Sensex closed 0.47% down at 62,848.64 and the Nifty was down 0.49% at 18,634.50. Brokerage house Axis Securities expects macro indicators to continue to drive the market, with rural and domestic-focus themes gaining momentum.   Here ate its 11 mid and smallcap picks for the month of June:

Dalmia Bharat | Rating: Buy | CMP: Rs 2,128 | Target Price: Rs 2,350 | Return: 10 percent

Polycab India | CMP: Rs 3,512 | Target Price: Rs 3,780 | Return: 7 percent

Federal Bank | Rating: Buy | CMP: Rs 126 | Target Price: Rs 155 | Return: 23 percent

Ashok Leyland | Rating: Buy | CMP: Rs 153 | Target Price: Rs 175 | Return: 14 percent

Relaxo Footwears | CMP: Rs 900 | Target Price: Rs 990 | Return: 10 percent

Aarti Drugs | Rating: Buy | CMP: Rs 474 | Target Price: Rs 600 | Return: 26 percent

Mahindra CIE Automotive | CMP: Rs 513 | Target Price: Rs 535 | Return: 4 percent

Praj Industries | Rating: Buy | CMP: Rs 394 | Target Price: Rs 500 | Return: 27 percent

CCL Products (India) | CMP: Rs 633 | Target Price: Rs 750 | Return: 18 percent

PNC Infratech | CMP: Rs 320 | Target Price: Rs 425 | Return: 32 percent

CreditAccess Grameen | Rating: Buy | CMP: Rs 1,233 | Target Price: Rs 1,400 | Return: 13 percent