Midcap 100 hits record highs while Nifty stalls; Foram Chheda on 2 stocks to buy right now
Market rotation is unfolding as expected, with largecaps leading, midcaps now outperforming, and smallcaps catching up. ChartAnalytics founder Foram Chheda highlights key support levels and identifies two actionable trade ideas: Naukri, showing a...
ChartAnalytics founder Foram Chheda says the market's rotation is textbook: largecaps led the bounce, now midcaps are outperforming, and smallcaps are catching up. Here are the key levels and her two trade ideas for the week.
India's headline index may be treading water, but underneath the surface a textbook market rotation is unfolding. Foram Chheda, founder of ChartAnalytics, pointed out on ET Now that the Nifty Midcap 100 index has already registered a fresh record high and delivered a technical breakout, while the Nifty Smallcap 100 is accelerating to close the gap. Largecaps, by contrast, are in consolidation — drifting into the red after promising morning rallies.
"The rally from the bottom around 23,000 levels — first the largecaps started picking up the pace, now the midcap is outperforming, and smallcap is again trying to catch up," Chheda explained. It is a rotation sequence that technical analysts consider healthy: broad participation following a lead-index recovery.
Nifty, Bank Nifty & Key Stocks — Support & Resistance Map
On the Bank Nifty, Chheda noted that a key support around 52,750 held multiple times and a gap in that zone has now been filled — reducing downside risk considerably. HDFC Bank is similarly stuck between 745 and 800, with no strong signal either way. AU Small Finance, after gaining roughly 6–6.5% over three to four sessions, may retrace to its moving average before resuming its range.
"Tata Motors PV has gained nearly 9.5–10% over the past three sessions with gradually increasing volumes — not a steep spike. There is a bullish divergence on RSI, so momentum can continue towards 430–435," says Chheda.
Asked for her stock bias heading into Friday, Chheda offered two high-conviction setups — one from the tech-adjacent internet space, one from auto.
NSE: NAUKRI
Buy near
₹1,000
Stop loss
₹947
Target
₹1,080
Signal
Resistance breakout
NSE: BAJAJ-AUTO
Buy near
CMP ~10,785
Stop loss
₹10,600
Target
₹11,050
Signal
Resistance breakout
Naukri has been quietly building a base around ₹930 for two to three months. Volume is now picking up and the stock has crossed its 50-day moving average on the daily chart — a classic accumulation-to-breakout setup. Bajaj Auto offers a more momentum-driven entry: Wednesday's close above its previous high of ₹10,785 confirms a breakout from a well-defined resistance zone, with the uptrend structure remaining intact.
