#CNXMIDCAP

Nifty MidCap 100 Index - Daily Chart Analysis
Current Price: ₹47,915.20 (-2.49%)
Open: ₹48,732.05 | High: ₹48,755.70 | Low: ₹47,485.30 | Close: ₹47,915.20
Key Observations
🔻 Bearish Momentum: The index has dropped by -2.49%, forming a strong red candle.
🔻 Lower Lows Formation: Price action suggests a continued downtrend with consecutive red candles.
🔻 Support Zone:

₹47,500 (Near-term support, already tested intraday)
₹46,800-47,000 (Critical support)
🔺 Resistance Levels:

₹49,500-50,000 (First hurdle for reversal)
₹52,000+ (Major breakout zone)
Trend & Momentum
📉 Bearish Scenario:

If ₹47,500 breaks, further downside toward ₹46,800-46,500 is possible.
MidCap stocks could continue weakness if broader market sentiment remains negative.
📊 Bullish Scenario:

A bounce from ₹47,500 could trigger short-term recovery.
Strong buying interest above ₹49,500 will be needed for a trend reversal.
📌 Watch for:

Rebound signals (Hammer candle, RSI divergence, or volume increase).
Sectoral performance of MidCaps—Any rotation into large-caps?