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Flash Alert: BSE Midcap Index Testing Major Support!
The BSE midcap index has dropped over 8% from its record high, with yesterday's drop bringing a support area defined by the 200-day average and a rising trendline originating from the March lows into focus.
Why does this matter?
Clusters of support and resistance created by different tools are more reliable than any "singular" level.
The percentage of stocks above the 200-dma is around 40%, the same reading that led to the bottom of the bear market in March 2023
Failure to hold this support zone will bring the focus on next support near 44000 followed by 42000.
The BSE midcap index has dropped over 8% from its record high, with yesterday's drop bringing a support area defined by the 200-day average and a rising trendline originating from the March lows into focus.
Why does this matter?
Clusters of support and resistance created by different tools are more reliable than any "singular" level.
The percentage of stocks above the 200-dma is around 40%, the same reading that led to the bottom of the bear market in March 2023
Failure to hold this support zone will bring the focus on next support near 44000 followed by 42000.
