For the following two to three quarters, HDFC Securities is betting on these 5 smallcaps.

Marksans Pharmaceuticals, PDS, Lumax Auto Technologies, Devyani International, Mishra Dhatu Nigam are among the top 5 smallcap picks of HDFC Securities.

Since the last few sessions, the main equity indices in India have been setting new records amid encouraging global cues, FII purchases, and declining oil and commodity prices. The broader indices, however, are still 4-5 percent behind the record top. Here are HDFC Securities' top five picks for small-cap companies for the ensuing two to three quarters:

               Lumax Auto Technologies 

Recommendations: Buy in Rs 262-267 band & add more on dips in Rs 230-235 band , Bull Case Fair Value: Rs 312 , Time Horizon: 2-3 quarters

              Marksans Pharmaceuticals

Recommendations: Buy on dips at Rs 56-57 & add more on dips at Rs 50 , Bull Case Fair Value: Rs 66.6 , Time Horizon: 2 quarters

                                 PDSL

Recommendations: Buy in Rs 345-362 band and add more on dips in Rs 307-313 band , bro Bull Case Fair Value: Rs 417 , Time Horizon: 2-3 quarters

                      Mishra Dhatu Nigam 

Recommendations: Buy in the Rs. 235-239 band & add more on dips to Rs 211-215 band , Bull Case Fair Value: Rs 281 , Time Horizon: 2 quarters

                    Devyani International 

Recommendations: Buy in the band of Rs 184-188 & add more on dips to Rs 164-168 band , Bull Case Fair Value: Rs 220 , Time Horizon: 2-3 quarters