BHEL, Adani Power: Mid-cap index hits new all-time high, eyes 40,000-mark

The Mid-cap index is displaying robust momentum, with price action headed towards 40,000-level.

Mid-cap index hit a new historic peak on Wednesday, despite benchmark indices witnessing unpredictable outlook. The index has surged 23 per cent so far this year and remains one of the highly dominating indexes in the Indian stock market. 

Among its major constituents, Bharat Forge and Oil India reached new all-time high, implying robust momentum in play.  Likewise, Adani Power and Bharat Heavy Electricals become the most noticeable counter in recent months.

Here’s the technical outlook amid Mid-cap index striking new all-time high:-

Nifty Midcap 100

Outlook: towards 40,000

Despite the index experiencing selling pressure in the overbought category of the Relative Strength Index (RSI), the price action has remained dominant and succeeded to scale higher levels. The underlying momentum has been resilient and continues to attract bullish bias. The support area of 38,000 to 37,500 needs to be protected to hold the upside bias towards 40,000-level. CLICK HERE FOR THE CHART

Adani Power Ltd (ADANIPOWER)

Outlook: Heading towards Rs 400

Following a persistent advance over the hurdle of Rs 280, the counter has demonstrated a resilient bias towards upside. The surge in volume clearly indicates a build-up of strength in the overbought category of the Relative Strength Index (RSI). Unless the counter falls beneath Rs 300, the trend is envisaged to scale higher levels of Rs 375 to Rs 400. CLICK HERE FOR THE CHART

Bharat Forge Ltd (BHARATFORG)

Likely target: Rs 1,160

Upside potential: 15% 

The recent movement denotes a chart structure that appears to build successive support levels, forming a base to embark on a robust upward rally. The support of Rs 950 and Rs 900 have become bolstering levels for the current optimistic bias. The stock is headed towards Rs 1,160-mark, implying a bullish outlook for coming sessions.  CLICK HERE FOR THE CHART. 

Bharat Heavy Electricals Ltd (BHEL)

Likely target: Rs 130

Upside potential: 15%

The “Flag Pattern” breakout has triggered next upside in the stock that could see levels of Rs 125 to Rs 130, as per the daily chart. The support for the current trend exists at Rs 102 and Rs 95 levels. The bias remains upward unless the support of 50-day simple moving average (SMA) is broken. CLICK HERE FOR THE CHART

Oil India Limited (OIL)

Likely target: Rs 335

Upside potential: 15%

Shares of Oil India have soared 46 per cent so far in the current year, with the present trend clinching uncharted territories on aggressive note. A closing basis support at Rs 280 implies a positive move towards Rs 335 levels. CLICK HERE FOR THE CHART