Midcap weakness

The market seems to be facing resistance at higher levels. Yesterday, the Nifty opened at levels closer to 9,500 mark but lost ground through the trading session and finally ended below 9,450 mark and even on the midcap end of trade you can see some nervousness creeping in.

The midcap index has been down for the last four days. There has been serious underperformance in individual midcap names, in fact the index itself is down in excess of about 4 percent in the last four days versus the Nifty and the Sensex which is down close to about 0.8 percent thereabout.

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