“Technically, Nifty Midcap and Nifty Smallcap are in a strong uptrend as they are marking the sequence of higher tops and higher bottoms. The uptrend remains intact as long as the sequence of higher tops and higher bottoms is sustained. Also, it is trading above its short and long-term moving averages. The momentum indicators and oscillators are also supporting the overall bullish chart structure,” he says.
Midcap, smallcap investors singed as COVID sparks downgrade fears
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Reacting to the fear, Nifty Midcap100 and Nifty Smallcap 100 index nosedived 6 per cent each, with nearly all of their respective constituents in the red.
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The possibility of renewed lockdowns appeared to have caught investors on the wrong foot, said dealers, as several stop losses on midcap and smallcap counters got triggered on Monday.
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MUMBAI: The rose-tinted glasses of midcap and smallcap investors are broken now, as the sharply accelerating second Covid-19 wave in the country is spooking investors. The possibility of renewed lockdowns across the country has triggered fears of material downgrades in corporate earnings.