Midcaps to outdo benchmarks in setting historic peak; 50% flash leadership

if the Nifty Midcap index succeeds to absorb selling pressure emerging at current level of 33,000 mark, the probability of breaking out over the previous historic peak of 33,245 becomes more plausible

Avdhut Bagkar Mumbai
Bulls, market, stocks
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Nifty Midcap index to outrun benchmark indices

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The Nifty Midcap index is flaunting signs of robust bullishness and an irresistible sentiment that could set a new historic peak, ahead of domestic benchmark indices (The BSE Sensex and Nifty 50).
In the last three sessions, not only the BSE Sensex and Nifty 50, but Nifty Bank index; which was considered to be the front runner, displayed signs of fatigue.  All these three indices have tumbled close to a percentage point, while Nifty Midcap index is trading firmly, tracking it course to reach a new all-time high. The index is up 0.75 per cent during the same period.
The Midcap index is witnessing bullish momentum in the overbought category of all the major technical indicators such as Relative Strength Index (RSI), and Moving Average Convergence Divergence (MACD).

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First Published: May 25 2023 | 11:23 AM IST

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