SBI Securities

Broader Indices 🔸 The Nifty Midcap 100 Index was consolidating within the 61,085–59,671 range in early November before breaking out and moving higher over the last three trading sessions. On the weekly chart, the index has registered a higher close for the third consecutive week after rebounding from its upward-sloping trendline, indicating an improvement in the broader price structure. 🔸 For the Midcap 100 Index, the zone of 62,400–62,500 zone is likely to act as immediate resistance. Any decisive and sustained breakout above 62,500 could extend the pullback towards 63,000, followed by 63,500 in the short term. On the downside, the zone of 61,300–61,200 zone is likely to act as immediate support. 🔸 The Nifty Smallcap 100 Index also witnessed a sharp rebound from its 100-week EMA three weeks ago and has registered a higher close for the third consecutive week. The index has reclaimed key short-term and long-term moving averages on both daily and weekly timeframes, indicating a broad-based improvement in its technical structure. The RSI has also started moving higher, reflecting healthy bullish momentum. 🔸 Similarly, for Nifty Smallcap 100 Index, the 20,000–20,100 zone is likely to act as immediate resistance. Any decisive and sustained breakout above 20,100 could extend the pullback towards 20,600, followed by 21,000 in the short term. On the downside, the zone of 19,300–19,200 zone is likely to act as immediate support. Disclaimer : bit.ly/R_disclaimer02