Nifty MidCap quotes near record high, can rally another 5%; suggests chart

The Nifty MidCap Select index can rally up to 15,200 levels in the medium-term, believes Virat Jagad, Sr. Technical Research Analyst at Bonanza.

The Nifty MidCap index has outperformed the NSE benchmark - Nifty 50 index and also the broader Nifty 500 and Nifty SmallCap - so far in the calendar year 2026.  At current levels, the Nifty MidCap Select index quotes with a gain of around 4 per cent on a year-till-date basis. In comparison, the Nifty and the Nifty 500 have declined around 8.9 and 4.5 per cent, respectively. The Nifty SmallCap 50 index, however, has advanced 5.5 per cent, shows NSE data.  The Nifty MidCap Select hit a new all-time high of 14,590 in trades on Friday, May 08, 2026. Whereas, the other 3 indices - the Nifty 50, Nifty 500 and Nifty SmallCap 50 - quote up to 9.7 per cent lower when compared to their respective summits at 26,373, 24,573 and 9,505 levels.  Virat Jagad, Sr. Technical Research Analyst at Bonanza believes that the Nifty MidCap index looks strong on charts, and can potential surge higher from current levels. The analyst, however, recommends to adopt a 'Buy on dips' approach. In case of the Nifty SmallCap, Jagad expects the index to scale new heights from here.  CHECK Stock Market LIVE Updates    Here's a detailed technical analysis on the Nifty MidCap Select and Nifty SmallCap 50 by Bonanza. 

Nifty MidCap Select Index

Last close: 14,333 

 

 

  The Nifty MidCap Select index continues to exhibit a strong bullish structure after registering a fresh all-time high near the 14,550 zone, confirming sustained momentum in the broader market, says Virat Jagad of Bonanza.  Technically, the MidCap index remains firmly above its key short- and medium-term moving averages, while RSI is holding above 65, indicating continued strength despite slightly overbought conditions, the analyst adds.  "The breakout above the previous resistance zone of 14,200–14,250 has now turned into an important support area, followed by stronger support near 13,850 and 13,450 levels. As long as the index sustains above these levels, the overall trend is likely to remain positive with a buy-on-dips approach," explains Jagad.  On the upside amid the ongoing breakout from the rising channel pattern, the analyst from Bonanza projects a potential upside targets of around 14,800 and 15,200 in the coming weeks. Jagad, however, cautions that some consolidation or profit booking near higher zones cannot be ruled out after the sharp one-month rally. 

Nifty SmallCap 50 index

Last close: 9,080 

 

  The Nifty SmallCap 50 index is showing signs of a strong technical recovery after rebounding sharply from the lower trendline support near the 7,400–7,500 zone, reckons Jagad.  Although the index still trades nearly 9 per cent below its life-time high, the recent breakout above the falling trendline resistance and sustained move above key moving averages indicate improving momentum and renewed buying interest, says the analyst.  "The RSI has surged above 70, reflecting strong bullish momentum, though some near-term consolidation cannot be ruled out due to overbought conditions. The immediate hurdle is placed around the 9,250–9,300 zone, which marks the previous swing high and a major supply area," explains Jagad.  A decisive breakout above the resistance zone could open the path toward fresh record highs near 9,800 and 10,200 in the medium term, believes Jagad. On the downside, he sees support for the SmallCap index near 8,700 and 8,400 levels.  Disclaimer: Views and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers' discretion is advised.