CNXMIDCAP index broke below curcial support level of 16150 to continue its downward journey towards next support level of 14100. Trade on the short side.
Current level is 15700 with target of 14100 and stop above 16150 gives a risk:reward ratio of 1:3.55
Though we cannot directly trade midcap index similar to nifty and banknifty.. Point is to select midcap stocks on the short side rather than trying to catch falling knife.
Current level is 15700 with target of 14100 and stop above 16150 gives a risk:reward ratio of 1:3.55
Though we cannot directly trade midcap index similar to nifty and banknifty.. Point is to select midcap stocks on the short side rather than trying to catch falling knife.
Comment:
Not just the CNXMIDCAP index but CNXSMALLCAP index too broke below the recent support level
