MIDCAP 100 index has been in a trading range from the past one month. This is very unusual for this index as it normally tends to be very volatile. Midcaps have been weak all through this 900 point nifty rally so a correction in Nifty may trigger a deep correction in Midcap stocks.
Watchout for a breakout on either side....
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A stromd daily close below the support will trigger further correction
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Indexes need weekly closes for confirmation. If this index closes below the range today that means a deep correction in Midcap stocks is ahead.
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Breakdown and now retesting resistance. If reverses fresh lows are coming.