Nifty 50, Nifty 100, Nifty 200, Nifty 500, Nifty Midcap 100, Nifty Small 100 and BSE Smallcap–Deja Vu 2013 ?

A quick look at the various benchmark indices.

A very interesting setup.

Nifty 50

Nifty 50 highs

  • Has made 3 new highs since the top in January 2018.
  • From 11500 to 12100.
  • Now testing the resistance at previous top of 12000-12100

Nifty 100

Nifty 100

  • Has made 2 new highs since the top in January 2018.
  • From 11550 to 12200. Similar to Nifty
  • Yet to test the highs.

Nifty 200

Nifty 200

  • Has made 1 new high since the top in January 2018.
  • From 6078 to 6268. the 3rd top is equal to the 2nd highs.
  • Yet to test the highs.

Nifty 500

Nifty 500

  • Has made 1 new high since the top in January 2018.
  • From 9900 to 10050. The 3rd highs are much lower than the 2nd highs.
  • Yet to test the highs.

Bank Nifty

Bank Nifty

  • Has made 3 new highs since the top in January 2018 and each one is much higher.
  • From 27650 to 31750. Has outperformed the Nifty 50.
  • Bank Nifty has been one of the reasons for Nifty 50 outperformance with Nifty 100, 200, 500.
  • Its yet to test the highs.

Nifty Mid 100

Nifty Midcap 100

  • Nifty Midcap 100 has actually made 3 lower highs since the top in January 2018.
  • Every time the Nifty bounces the Midcaps have bounced but not able to catch much momentum.
  • Did cross short term highs in April 2019 but could not continue the momentum.
  • Again making an attempt to make higher highs.
  • Testing the downward trendline resistance.
  • Sustaining above the trendline 17000-17500 will be an indication of midcaps catching momentum and broad based performance.

Nifty Small 100

Nifty Small 100

  • Nifty Small 100 has been on a consistent downtrend with lower highs and lower bottoms.
  • 4 lower highs.
  • Yet to cross the shorter term highs.
  • Did a breakdown in 2019 but did not sustain.
  • A move above the highs 5800-6000 will indicate smallcaps catching favor.
  • That would imply a lot of stock specific action.
  • Time to watch closely if Smallcaps show outperformance to Nifty50.

BSE Smallcap

BSE Smallcap

  • Almost the same as Nifty small 100 even though one has 100 stocks and other 715 stocks and very different weights.


  • Over the last 18-22 months the markets have become narrower by every passing quarter in terms of performance.
  • Starting with Smallcaps, Midcaps and now even the Nifty 500,Nifty 200 and Nifty 100 underperforming after every bounce.
  • Even in the Nifty it has become the top 20 names which have done better.
  • The broader indices are now back to attempting the resistances.
  • Sustaining the short term highs in coming weeks will be an indication of the narrowing trend changing.
  • Time to watch the price action in coming weeks.
  • Whenever such trends change the moves have been faster than expected as when most have given up the rally can start. ( We expected the broader markets to have bottomed in end of 2018 and the bounce was sharp but the 2019 crack took it to new lows.Been wrong for a year now Sad smile )
  • There are a few buckets – Top 20 large names , The top 250 names as per Sebi, The top 250-400 names. The rest of the universe has performed much more worse. This creates a lot of interesting bets in microcaps and smallcaps.
  • The microcaps were laggards for all of 2011-2013 but in 2014 it was back to 2010 highs 

BSe Smallcap 2013

  • 4-5 new lower highs
  • The recovery in 2012 almost looked like things had turned.
  • Newer lows in 2013.
  • Strong recovery from end of 2013.

Its not necessary that 2020-2021 could be similar but its time to watch for price action and triggers from the government , RBI etc.

In 2013 – Fed Taper in May 2013 , Fed Taper to depend on Data , 28th August 2013 India markets bottom USD INR top, FCNR bonds on 4th September, 13th September Modi nomination, Fed Taper delayed – 18th September 2013, Fed taper december 2013.

Apart from price action would be time to watch for a lot of triggers – Privatization, Tax Rate Cuts, Land Reforms, Labour Reforms, Personal Income Tax, LTCG, Budget etc.

Time to be optimistic and be ready to increase conviction on price action and triggers.

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