India NIFTY Mid Cap Select Index - $NIFTY_MI
This is one of the individual charts on this weeks MAcro Monday48
The India NIFTY Midcap Select Index is a stock market index that represents the performance of 25 mid-sized companies listed on the National Stock Exchange (NSE) in India. Stocks are selected from the Nifty Midcap 150 index based on availability for trading in the Futures & Options segment, market cap and average daily turnover. Stock weights are based on free-float market capitalization.
Here are the top 5 holdings of the NIFTY Midcap Select Index along with percentage allocations and brief descriptions:
1. Indian Hotels Co. Ltd (7.1%): IHCL and its subsidiaries bring together a group of brands that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for discerning travelers, SeleQtions, Vivanta, Ginger, and amã Stays & Trails.
2. Persistent Systems Ltd (5.69%): Persistent Systems is a global company specializing in digital engineering and enterprise modernization services. They offer solutions in banking, financial services, healthcare, life sciences, and technology sectors.
3. Cummins India Ltd (5.65%): Cummins designs, manufactures, sells, and services diesel and alternative fuel engines, generators, and related components. They are known for their innovation in power solutions and corporate responsibility.
4. Lupin Ltd (5.40%): Lupin is an Indian multinational pharmaceutical company and one of the largest generic pharmaceutical companies by revenue globally. Their key focus areas include pediatrics, cardiovascular, anti-infectives, diabetology, asthma, and anti-tuberculosis.
5. Housing Development Finance Corporation Asset Management Company Ltd (5.21%): HDFC AMC operates as an investment management firm, offering portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies in India.
Please note that these holdings are subject to change over time based on market conditions or fund manager decisions, however this is on the 2024 prospectus.
- The India NIFTY Mid Cap Select Index chart is more promising than the Ishares MSCI India ETF.
- There is a defined upward channel under which the 21 week SMA is providing support.
- We have broken recent highs, local resistance and a have a DSS Bressert Cross turning up. All three are bullish signals.
- A great risk reward set up is available here at 11:1. You can alter this to suit your risk tolerance or how long you want to remain in the trade. I would be inclined to lower the stop because the RR is weighted heavily to the upside.
- It is possible that we get a retest of the breakout area also, but given the DSS Bressert Cross and upwards momentum, I lean more directly bullish.
There is a currency risk with the second trade in the NIFTY Mid Cap Select Index as it is denominated in the Indian Rupee (INR) which has been on a long term decline against the USD since Aug 2011. If we were to move to the bottom of the current long term pennant we could lose c.5% in currency devaluation in this trade. This could happen over a couple of months, so its something to keep an eye on.
Here is the INR/USD Chart.
The India NIFTY Midcap Select Index is a stock market index that represents the performance of 25 mid-sized companies listed on the National Stock Exchange (NSE) in India. Stocks are selected from the Nifty Midcap 150 index based on availability for trading in the Futures & Options segment, market cap and average daily turnover. Stock weights are based on free-float market capitalization.
Here are the top 5 holdings of the NIFTY Midcap Select Index along with percentage allocations and brief descriptions:
1. Indian Hotels Co. Ltd (7.1%): IHCL and its subsidiaries bring together a group of brands that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for discerning travelers, SeleQtions, Vivanta, Ginger, and amã Stays & Trails.
2. Persistent Systems Ltd (5.69%): Persistent Systems is a global company specializing in digital engineering and enterprise modernization services. They offer solutions in banking, financial services, healthcare, life sciences, and technology sectors.
3. Cummins India Ltd (5.65%): Cummins designs, manufactures, sells, and services diesel and alternative fuel engines, generators, and related components. They are known for their innovation in power solutions and corporate responsibility.
4. Lupin Ltd (5.40%): Lupin is an Indian multinational pharmaceutical company and one of the largest generic pharmaceutical companies by revenue globally. Their key focus areas include pediatrics, cardiovascular, anti-infectives, diabetology, asthma, and anti-tuberculosis.
5. Housing Development Finance Corporation Asset Management Company Ltd (5.21%): HDFC AMC operates as an investment management firm, offering portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies in India.
Please note that these holdings are subject to change over time based on market conditions or fund manager decisions, however this is on the 2024 prospectus.
- The India NIFTY Mid Cap Select Index chart is more promising than the Ishares MSCI India ETF.
- There is a defined upward channel under which the 21 week SMA is providing support.
- We have broken recent highs, local resistance and a have a DSS Bressert Cross turning up. All three are bullish signals.
- A great risk reward set up is available here at 11:1. You can alter this to suit your risk tolerance or how long you want to remain in the trade. I would be inclined to lower the stop because the RR is weighted heavily to the upside.
- It is possible that we get a retest of the breakout area also, but given the DSS Bressert Cross and upwards momentum, I lean more directly bullish.
There is a currency risk with the second trade in the NIFTY Mid Cap Select Index as it is denominated in the Indian Rupee (INR) which has been on a long term decline against the USD since Aug 2011. If we were to move to the bottom of the current long term pennant we could lose c.5% in currency devaluation in this trade. This could happen over a couple of months, so its something to keep an eye on.
Here is the INR/USD Chart.
