Nifty Smallcap looks stronger vs Midcap index, can hit new high: Analysts

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The NSE Nifty Midcap 150 and the Nifty Smallcap 250 indices have gained 5.8 per cent and 6.2 per cent, respectively, from their October lows of 20,336 and 16,135. Despite, the recovery, the Midcap index quotes roughly 9 per cent below its calendar year high of 23,647.50 hit on August 26, 2026, while the Smallcap index is down 7.6 per cent from its peak of 18,551 registered on September 04, 2026. On Tuesday, the Nifty Midcap index rose 0.8 per cent to 21,487, and the Smallcap was up 0.7 per cent at 17,108.

On the technical charts, the Midcap 150 index is seen testing its short-term 20-day moving average (20-DMA) around 21,400 levels, while the SmallCap 250 index is hovering around its long-term 200-DMA, which stands at 16,950. Analysts believe that both the Nifty Midcap and the Smallcap indices can potentially extend gains. Nandish Shah, Senior Derivative and Technical Analyst at HDFC Securities, sees the Smallcap index favourably placed on the charts compared to the Midcap index.Nifty Midcap 150 indexCurrent Levels: 21,487 The Midcap index is likely to see heightened trading activity in the near-term, with many midcap companies scheduled to announce results this week.

Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking flags that the Nifty Midcap 150 is seen trading in a rising channel over the last two years, highlighting an overall positive trend and demand at elevated levels. (Chart source: Bajaj Broking) The index recently rebounded after taking support at the lower band of the rising channel and the 144-week exponential moving average (EMA) signalling strong support at lower levels, notes the analyst. Mukherjee expects the Midcap index to hold above the support area of 20,000-19,500, which is the confluence of the 144-week EMA, the key retracement of the previous up move and the lower band of the channel. On the upside, he expects the index to gradually head toward 22,500 and 23,600 levels in the coming months.

ALSO READ: Stock Market LIVE: Sensex gains 800 pts, Nifty tops 23,600; FMCG shares shine Meanwhile, in the near-term, Nandish Shah sees near resistance for the Midcap index at 21,300. Beyond which, the analyst anticipates a potential rally to 21,900 levels. On the downside, 20,700 remains the key support, Shah adds.

Nifty Smallcap 250 indexCurrent Levels: 17,108 The Nifty Smallcap index seems favourably placed, and looks stronger on charts compared to the Midcap index, says Shah of HDFC Securities. The analyst believes that the index can potentially rally to new highs as and when it clears the resistance around 17,150 levels. "The 17,150-17,200 is the major resistance for the Smallcap index, above it can witness a sharp up move.

Having said that, the trend reverses in case the index falls below 15,880," says Shah. (Chart source: Bajaj Broking) Meanwhile, Pabitro Mukherjee of Bajaj Broking highlights that the decline in the Nifty Smallcap index has approached maturity as it is seen rebounding from the 100-week EMA and the 50 per cent retracement of the previous up move 14,143-18,551. After testing the previous all-time high in August 2026, the index saw profit booking in the last two months. Within the consolidation, the key thing to monitor is that the index is forming a higher bottom in the long-term chart, notes Mukherjee.

The analyst expects the Smallcap index to hold above 15,500-16,200 support zones, which is the confluence of the 100-week EMA, 50 per cent retracement area and the trendline support joining major lows of CY23 and CY26. On the upside, Mukherjee expects the index to gradually head toward 18,000 and 18,700 levels.