After 2 straight months of underperformance, the midcap and smallcap indices massively outperformed the benchmark Nifty in the month of April. The Nifty Midcap index jumped 5.8% while the Nifty Smallcap index surged 11.4% in the previous month. In comparison, the benchmark Nifty was up 1.24%.
For the short term, 22,620-22,630 will act as resistance for the Nifty. If the index sustains above 22,630, Nifty could attempt to break its all-time high of 22,776, says Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta.
The recent consolidation in Nifty amid weak global cues indicates time-wise correction and traders should maintain a positive bias until the Nifty holds 22,200 level, sayd Ajit Mishra, SVP - Technical Research, Religare Broking.
A Moneycontrol analysis of 65 companies in Nifty MidCap 100 showed that net sales for midcap grew the slowest in 13 quarters, at 5.7%, compared to 7.8% in the previous quarter and 15.2% in the same period last year