Midcaps have had a smart up move since the past fortnight and the Midcap
index has reached a level where in it had faced resistance and went through distribution and gave way. Today at the day's close, it reached the same level and formed a Doji
kind of pattern which indicated indecisiveness. The Rsi
has reached a level where in a pullback on the downside might not be ruled out. Also on MACD
, as it is a lagging indicator you might see it converging on the down side in the days to come.
There is a possibility the index might move up a bit or stay sideways but a lot of Midcaps gave way in today's trade and that could be an indication of things to come.
Be safe , book your profits!