Nifty Midcap 100 eyes 19,500-20,000 levels

Nifty Midcap 100, which closed at a 26-month high of 18,652.30 on Tuesday, could test 19,467 initially, followed by 20,000 levels in the coming sessions, outperforming the Nifty, said market experts.

The closing was the highest since 18,816.75 on September 19, 2018. Amit Gupta, fund manager, PMS, ICICI Securities, expects the midcap rally to be led by financials, industrials, cement and chemicals with the Nifty's sharp move percolating to broader indices like the Midcap 100. IT and pharma are likely to remain sluggish.

RBL Bank, SRF, Cholamandalam Investment and Finance Co, SRF are some of the companies which could drive the rally, said Rajesh Palviya of Axis Securities.

The 19,467 level is the 78.6% retracement of the fall from the record closing high of 21,840.85 on January 15, 2018 to the low of 10,749.95 on March 24 this year, added Rohit Srivastava, founder, IndiaCharts.