Smallcap index and Midcap Index update.
CNX Midcap index is at 18320. Midcap index is in range of 18000-18700. Above 19000, we are bullish on Midcap stocks for a target of 20000 with SL of 18300. Below 18000, Midcap Index can test 17000. Below 17000, we are strongly bearish on the index.
We suggest to hold midcap stocks. Midcap index is down 20% from its 52 week highs.
CNX Small cap Index is at 7300, test crucial support around 6900-7100 in weekly charts. Stocks can rebound on a minor bullish market trigger and can test 8500 if Small cap index shows strength above 7600. Which is around 12% return.
Continue holding small cap stocks as it tests crucial support on weekly charts. We also expect an average 12% upside pullback rally in 3 months.