IndiaCharts

BSE Midcap

Today's market moves were interesting because of the non confirmations that continue to exist. The new high in Nifty is not confirmed by the Midcap Smallcap and Bank nifty. Today all indices closed down except the Nifty. The Midcap index below formed an engulfing bear candle for the day. That at the end of a A-B-C rise from the low see in May, and where wave C has now subdivided into 5 waves. This makes the high today an important level to watch. A downtrend from here would be wave C down and break the May low as well and would taken down with it the Mid and Small cap market. So keep an eye on it.

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