Nifty Midcap 100 @ 45971
• This looks scary to me, as per this wave formation nifty midcap 100 has completed a 5 wave cycle which started from June 2022 low which is 25127 & at recent high of 49780.75 it has posted a short term top in mid cap index.
• Normally any index when it completes a 5 waves cycle it retraced the entire up move by minimum 38.2% & max 50 to 66% & here 38.2% level coming to 40450 & 50% coming to 37526 spot level which is almost minimum 5000 to maximum 9000 points from current close which is too big.
• That is the reason few days ago I gave 47548 to 46943 to watch out as key support to manage the risk in mid cap stock holdings because if mid cap index retraced till 38.2% to 50% then 90% of the mid cap stock will bleed like anything.
Don't forget to check our bank nifty option and start making profit on a daily basis.
• I have other alternative also open in this mid cap index but for that I need some evidence & need some minimum 1 to 2 days positive close to come on some conclusion to figure out that alternative & it's levels, till the time I do not see a daily positive close on mid cap index this formation remains wide open for the downside projection given.
• Now on the way up 47755 which is 20 Hour Moving AVG will act as key rest and as long as nifty mid cap remains below 47755 spot levels all rise will get sell off for downside projection given.
• So better not to try for bottom fishing & one should totally avoid stock AVG till the time we do not get some evidence of bottom placed or some support is visible for bounce back
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