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NIFTY MIDCAP 100: 24363.65 weekly change (-0.74%)

Observation

* NIFTY MIDCAP 100 has been maintaining its higher top higher bottom formation on weekly charts however in the last week it gave a breakout and made 52 week high but it could not sustain at high levels.

* We witnessed that the NIFTY MIDCAP 100 is trying to outperform the NIFTY but it faced resistance at higher levels.

* On the daily chart we can see that the index attempted the breakout of the range but failed to do so and ended the week in the consolidation range.

* On the indicator front wee can see the RSI forming a lower low lower high and moving lower as the index MIDCAP 100 consolidates, indicating reducing momentum.

* On the indicator front wee can see the RSI forming a lower low lower high and moving lower as the index MIDCAP 100 consolidates, indicating reducing momentum.

* The crucial support is placed at 23700 (multiple touch point level) followed by 22750-22480 (Recent swing low)

NIFTY SMALL CAP 100: 8759.05 weekly change (0.25%)

Observation

* NIFTY SMALLCAP 100 has been forming a higher high higher low pattern for the past 2 weeks after it broke out of a 9 week consolidation.

* A simple bar chart analysis of the NIFTY and the NIFTY SMALLCAP 100 tell that the SMALLCAP is outperforming the benchmark index.

* On the daily time frame we can see that the index witnessed some correction on Friday, but over all ended the week with a gain of (0.25%).

* The RSI plotted on the weekly time frame is placed above the 50 mark and is moving higher indicating presence of momentum in the bullish trend

* Going ahead the 9030 (Weekly high) will act as a key resistance level to watch out for, if the prices manage to break above this level we might see the prices move higher toward the 9264 (100% extension level of the rise from 7131-8568 projected from 7827) and eventually toward 9653 (127% extension level of the rise from 7131-8568 projected from 7827)

* The 8583 the upper range of the consolidation will act as a support level, If the prices manage to breach below this level, we can expect prices to move lower and test the 7952-7814 (the lower edge of the consolidation).

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