Weekly Technical Outlook - NIFTY MIDCAP 150 : 10903.35 weekly change (-2.62%) By GEPL Capital
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NIFTY MIDCAP 150 : 10903.35 weekly change (-2.62%)
Observation
* For nearly the past 4 months Nifty Midcap 150 has been moving in a range of 10600-12200 levels. The Index has been trading below the 20 week SMA (11546) for the past 4 weeks.
* There is CIP (Change in Polarity) formation at 10600-10800 level and Index continues to take support and bounce from the 10600- 10800 zone.
* The ADX is flat around 20 mark when is suggesting a range bound movement.
* In the current week Bank Nifty, Nifty Financial Services, Nifty media, Nifty Private Bank, and Nifty Realty have ended the week with a DOJI Candle which shows directionless movement in a broader space.
Inference & Expectations
* The NIFTY MIDCAP 150 has been forming a DOJI candle pattern on the monthly charts for the last 4 months.
* The prices action and the technical parameters mentioned above point towards the possibility of a sideways moment to continue.
* On the upside the resistance for the Index lies at 11550 if the Index breaks above this level it can move towards 12200 marks.
* On the flip side if the index breaks below 10600 it can drag lower towards 10100 level.
NIFTY SMALLCAP 250 : 9293.55 weekly change (-5.29%)
Observation
* Nifty SMALLCAP 250 has been consolidating in the range of 9000- 10500 for the past 4 months.
* For the past 2 weeks the Index has breached below the 20 week SMA (9713). It has also ended the current week with a Doji candle pattern.
* There is CIP (Change in Polarity) formation at 9000-9200 level and Index continues to take support and bounce from the 9000-9200 zone.
* The ADX is flat around 20 mark when is suggesting a sluggish movement to continue.
Inference & Expectations
* The NIFTY SMALLCAP 250 has resided near a major support zone of 9000— 9200 mark.
* The price action and the technical parameters mentioned above point towards the possibility of sideways moments to continue.
* On the upside the resistance for the index lies at 9750 if the Index breaks above this level it can move towards 10500 levels.
* On the flip side if the index breaks below 9000 if can drag lower towards 8450 levels.
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