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Nifty Midcap 100 index breaks out from Declining Channel pattern

Nifty Midcap index has been under pressure for the past nine weeks and has finally broken out from a Declining Channel pattern on the daily charts. In this process, the index has also reversed the ongoing lower top lower bottom cycle, which the index had entered into.

Three days earlier, the index had also closed above the 200-DEMA and has managed to sustain above the same

Similarly, the Nifty Smallcap index has broken out from a Declining Channel pattern on the daily chart. The index had also closed above the 200-DEMA and has managed to sustain above the same. However, the Smallcap index has yet not reversed the lower top lower bottom cycle like the midcap index.

The immediate previous peak of 8,280 is the level which the Smallcap index should manage to surpass on closing basis for the current positive momentum to extend.