NIFTY midcap 50 still booming?

Basic info. :-

The index includes the top 50 companies chosen based on their average free float market capitalization over the last six months. These companies come from the top 100 companies determined by their average daily full market capitalization and average daily turnover during the same period, specifically from the Nifty Midcap 150 index. Preference is given to companies that can be traded in the NSE’s Futures & Options segment when the final selection is made.

Inclusion Criteria:

- A non-member eligible stock that can be traded in F&O will replace the smallest non-F&O stock in the index, based on free-float market capitalization.

- The F&O stock must rank within the top 30 of the top 100 stocks based on average full market capitalization or average daily turnover.

- An eligible non-member F&O stock can only be included if its free-float market capitalization is at least 1.5 times that of the smallest F&O stock already in the index.

- An eligible non-member non-F&O stock can be included if its free-float market capitalization is at least 1.5 times that of the smallest non-F&O stock in the index.

Exclusion Criteria:

- A stock will be removed from the Nifty Midcap 150 if its rank based on average full market capitalization or average daily turnover falls beyond 100.

- It will also be excluded if its rank based on average free float market capitalization falls beyond 70 among the top 100 stocks.

CHART :-

CONSTITUENTS:-

TECHNICAL Analysis:-

As you can see in the chart , price formed the “W” pattern where previously it has taken support. Now of course, it doesn't mean that price level will support this time either. If it can't generate enough buyer interest it can turn into a distribution zone and the index will correct further in coming days. You can always look at RSI indicators and notice price and RSI in minor divergence which can push price higher from its current level. Now if we talk about risk management then it is a must in this index given its past long run price can be in mood of bigger correction but if you are a long term investor it shouldn't bother you. 

NIFTY FMCG