Markets
Nifty Midcap Select: downtrend since October 2026
Nifty Midcap Select has been in a downtrend since October 2026 (5 weeks). Its trend score is 8 out of 100, nearly all signals down. On momentum it is behind most, 103rd of 139, and 19th of 21 in broad market.
Written for anyone holding or watching Nifty Midcap Select. Data to 26 Oct 2026.
- Trend
- Downtrend since Oct 2026
- Momentum
- 103rd of 139 markets, by rank
- Below its high
- 12.7% total return
- P/E
- 27.2 33rd percentile
- 1 year
- +0.6% total return
Today
Of 18 earlier downtrends in Nifty Midcap Select that lasted 5 weeks or more, 44% went on for at least another three months and 17% for six. Across broad market indices (since each launch): 42% and 13% of 240.
- Trend
- Downtrend since October 2026score 8 of 100; four weeks ago 21
- Momentum rank
- 19th of 21in broad market; 103rd of 139 markets overall
- The 10-month rule
- in cash since September 2026month-end price against its 10-month average
- The 200-day rule
- in cash since September 2026daily close against its 200-session average
| Signal | 1 month1m | 2 months2m | 3 months3m | 6 months6m | 9 months9m | 12 months12m | Up |
|---|---|---|---|---|---|---|---|
| Past returnhigher than it was that long ago | Down | Down | Down | Down | Down | Down | 0 of 6 |
| Price against its averageabove its average over the period | Down | Down | Down | Down | Down | Down | 0 of 6 |
| Fast average against slowa quarter-length average above the full-length one | Down | Down | Down | Down | Up | Up | 2 of 6 |
| Place in its rangein the upper half of the period's high-low range | Down | Down | Down | Down | Down | Down | 0 of 6 |
| Up at this horizon | 0 of 4 | 0 of 4 | 0 of 4 | 0 of 4 | 1 of 4 | 1 of 4 | 2 of 24 |
By speed. 0 of the 8 one- and two-month signals point up, 0 of the 8 three- and six-month ones and 2 of the 8 nine- and twelve-month ones. Fast signals react first and turn most often; slow ones confirm. Tested across markets, no speed beat another by more than luck, and none beat holding after tax (the evidence).
| Over the last | 1 month1M | 3 months3M | 6 months6M | 12 months12M |
|---|---|---|---|---|
| Return over cash | −10.1% | −10.0% | −7.2% | −5.5% |
| Percentile | 11 | 14 | 51 | 76 |
Trend over time
The trend score each week since 2006, and the trends it marks: an uptrend from the week the score reaches 70 until it falls to 30, and a downtrend the other way.
Nifty Midcap Select: trend score, week by week
Share of 24 trend signals pointing up, 0 to 100, weekly to 26 Oct 2026; the 13-week average in bold. Before Sep 2021 the index is NSE's back-calculation.
How to read it. The score moves fast because a third of its signals look back only one or two months. Long stretches near 100 or 0 are the strong trends; the lines at 70 and 30 are where a trend starts.
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Uptrends and downtrends
Weekly; blank before the first trend was established.
How to read it. 28 uptrends and 28 downtrends since 2006. Hover for the dates; the next section has each one's return.
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Nifty Midcap Select: fast, medium and slow signals
Share of the 8 signals up at each speed (four signal types at two horizons), weekly, last two years. The three average to the trend score.
How to read it. The fast line swings from 0 to 100 within weeks; the slow line moves over months. When fast sits near 0 while slow sits near 100, the market is dipping inside a longer uptrend; the reverse is a bounce inside a longer fall.
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Which horizons are rising
Up signals out of four at each horizon, weekly, last three years. Blue: all four up; red: all four down.
How to read it. Trends turn from the top row down: the one-month signals flip first and the twelve-month ones last. Red spreading down the rows is a downtrend taking hold; blue spreading down is a recovery being confirmed.
Against its peers
Nifty Midcap Select ranks 19th of 21 in broad market on momentum; thirteen weeks ago it was 2nd of 21. Momentum here is the return over cash at 1, 3, 6 and 12 months, each ranked, then averaged.
Nifty Midcap Select: place among broad market, week by week
Momentum rank within the family, last three years: 100 is first, 0 is last, of the 21 live members.
How to read it. A market that leads its family for months shows as a long stretch near the top; one that swings from top to bottom takes turns with its peers.
Nifty Midcap Select: place among broad market, week by week. Line chart, 3 Nov 2023 to 26 Oct 2026. Place in broad market: latest 10, range 0 to 100.
Broad market, ranked by momentum on 26 Oct 2026. "13 weeks ago" is the rank then, among the members live then.
| Rank | Market | 13 weeks ago | Places gained | Trend | Score | 3 months over cash | 12 months over cash | More |
|---|---|---|---|---|---|---|---|---|
| 1 | Nifty Smallcap 50 | 1 | 0 | Downtrend since Oct 2026 | 29 | −4.3% | −0.7% | |
| 2 | Nifty Microcap 250 | 6 | +4 | Downtrend since Oct 2026 | 29 | −5.1% | −3.1% | |
| 3 | Nifty Smallcap 100 | 5 | +2 | Downtrend since Oct 2026 | 25 | −5.8% | −5.5% | |
| 4 | Nifty Smallcap 500 | 10 | +6 | Downtrend since Oct 2026 | 25 | −6.4% | −6.4% | |
| 5 | Nifty India FPI 150 | 16 | +11 | Downtrend since Sep 2026 | 0 | −6.4% | −11.9% | |
| 6 | Nifty 50 | 21 | +15 | Downtrend since Jan 2026 | 0 | −5.4% | −14.9% | |
| 7 | Nifty 100 | 20 | +13 | Downtrend since Sep 2026 | 0 | −5.9% | −13.8% | |
| 8 | Nifty Total Market | 17 | +9 | Downtrend since Sep 2026 | 0 | −6.7% | −12.0% | |
| 9 | Nifty500 Multicap 50:25:25 | 15 | +6 | Downtrend since Sep 2026 | 0 | −7.0% | −11.0% | |
| 10 | Nifty Smallcap 250 | 12 | +2 | Downtrend since Oct 2026 | 8 | −7.0% | −7.8% | |
| 11 | Nifty500 LargeMidSmall Equal-Cap Weighted | 13 | +2 | Downtrend since Oct 2026 | 8 | −7.4% | −10.2% | |
| 12 | Nifty 500 | 18 | +6 | Downtrend since Sep 2026 | 0 | −6.8% | −12.4% | |
| 13 | Nifty 200 | 19 | +6 | Downtrend since Sep 2026 | 0 | −6.7% | −12.9% | |
| 14 | Nifty MidSmallcap400 50:50 | 7 | −7 | Downtrend since Oct 2026 | 8 | −8.2% | −8.6% | |
| 15 | Nifty LargeMidcap 250 | 14 | −1 | Downtrend since Sep 2026 | 0 | −7.7% | −11.6% | |
| 16 | Nifty Next 50 | 4 | −12 | Downtrend since Oct 2026 | 8 | −8.4% | −8.5% | |
| 17 | Nifty MidSmallcap 400 | 8 | −9 | Downtrend since Oct 2026 | 8 | −8.6% | −9.0% | |
| 18 | Nifty Midcap 50 | 3 | −15 | Downtrend since Sep 2026 | 8 | −9.3% | −7.6% | |
| 19 | Nifty Midcap Select (this page) | 2 | −17 | Downtrend since Oct 2026 | 8 | −10.0% | −5.5% | |
| 20 | Nifty Midcap 150 | 11 | −9 | Downtrend since Sep 2026 | 8 | −9.4% | −9.5% | |
| 21 | Nifty Midcap 100 | 9 | −12 | Downtrend since Sep 2026 | 8 | −9.5% | −9.2% |
Nifty Midcap Select: momentum rank among all markets, week by week
0 to 100 among every market with a year of history that week (today 139), not only its family.
How to read it. Near 100 it is rising faster than almost everything else, near 0 slower, whatever the market as a whole is doing.
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What followed each trend
Nifty Midcap Select has had 28 uptrends and 28 downtrends since 2006. A year after an uptrend began it had risen by a median +15.8% (26 cases); a year after a downtrend began, +12.1% (25). From any week, the usual year was +14.2%.
Median return of Nifty Midcap Select, total return, over the 3, 6 and 12 months after the week each trend began, and the share of cases that ended higher. The last row is the same measure from every week, the yardstick for the other two.
| Starting point | 3 months | Higher | 6 months | Higher | 12 months | Higher | Cases | More |
|---|---|---|---|---|---|---|---|---|
| After an uptrend began | −0.2% | 50% | +2.1% | 57% | +15.8% | 77% | 26 | |
| After a downtrend began | −0.3% | 48% | +6.8% | 74% | +12.1% | 72% | 25 | |
| From any week (the usual) | +4.5% | 64% | +8.0% | 70% | +14.2% | 73% | 1,045 |
How much to read into this. These are descriptions of Nifty Midcap Select's past, not a tested signal. The trends overlap with each other's next twelve months, and a trend is only called after the market has already moved, so its "during" return includes the climb that called it. 37 of the 56 trends fall in NSE's back-calculated history before the index launched. Whether these patterns hold across markets is the subject of the tests on the evidence page.
Every uptrend and downtrend in Nifty Midcap Select, newest first. Returns are from the close of the week each began; a trend still going is measured to 26 Oct 2026.
| Trend | Began | Ended | Lasted | Return during | Next 3 months | Next 6 months | Next 12 months | History | More |
|---|---|---|---|---|---|---|---|---|---|
| Downtrend | Oct 2026 | still going | 5 weeks | −2.9% | – | – | – | – | |
| Uptrend | Apr 2026 | Sep 2026 | 6 months | +1.7% | +7.0% | −1.7% | – | – | |
| Downtrend | Mar 2026 | Apr 2026 | 6 weeks | +1.8% | +5.4% | +11.3% | – | – | |
| Uptrend | Feb 2026 | Feb 2026 | 4 weeks | −1.0% | +4.7% | +11.0% | – | – | |
| Downtrend | Jan 2026 | Jan 2026 | 2 weeks | +2.6% | +6.8% | +12.9% | – | – | |
| Uptrend | Sep 2025 | Jan 2026 | 4 months | +4.8% | +6.0% | −2.4% | +11.5% | – | |
| Downtrend | Aug 2025 | Sep 2025 | 2 weeks | +2.6% | +12.9% | +7.0% | +18.8% | – | |
| Uptrend | May 2025 | Aug 2025 | 3 months | +1.3% | −0.6% | +9.6% | +12.9% | – | |
| Downtrend | Jan 2025 | May 2025 | 4 months | −2.0% | −6.0% | +8.9% | +12.1% | – | |
| Uptrend | May 2023 | Jan 2025 | 20 months | +79.9% | +16.5% | +23.0% | +49.8% | – | |
| Downtrend | Dec 2022 | Apr 2023 | 4 months | +4.5% | −3.5% | +18.1% | +51.5% | – | |
| Uptrend | Dec 2022 | Dec 2022 | 3 weeks | −2.6% | −8.2% | +5.9% | +34.2% | – | |
| Downtrend | Nov 2022 | Nov 2022 | 2 weeks | +2.2% | −1.6% | +5.9% | +33.3% | – | |
| Uptrend | Nov 2022 | Nov 2022 | 2 weeks | −1.5% | −6.5% | +0.5% | +24.4% | – | |
| Downtrend | Oct 2022 | Oct 2022 | 3 weeks | +1.3% | −1.8% | −1.1% | +25.2% | – | |
| Uptrend | Aug 2022 | Oct 2022 | 2 months | +1.4% | −0.7% | −4.4% | +18.9% | – | |
| Downtrend | May 2022 | Aug 2022 | 3 months | +4.3% | +3.8% | +9.5% | +8.5% | – | |
| Uptrend | Apr 2022 | Apr 2022 | 5 weeks | −2.1% | −13.0% | −0.5% | −6.6% | – | |
| Downtrend | Feb 2022 | Mar 2022 | 5 weeks | +4.0% | −1.1% | +7.5% | −0.4% | – | |
| Uptrend | Aug 2020 | Feb 2022 | 19 months | +84.9% | +12.9% | +53.0% | +68.7% | back-calculated | |
| Downtrend | Feb 2020 | Jul 2020 | 5 months | −10.9% | −17.7% | +1.6% | +53.4% | back-calculated | |
| Uptrend | Nov 2019 | Feb 2020 | 3 months | +3.9% | +0.3% | −21.6% | +17.1% | back-calculated | |
| Downtrend | Jun 2019 | Nov 2019 | 5 months | −3.5% | −4.4% | −2.7% | −18.5% | back-calculated | |
| Uptrend | May 2019 | Jun 2019 | 3 weeks | −2.0% | −15.1% | −7.9% | −23.9% | back-calculated | |
| Downtrend | May 2019 | May 2019 | 4 weeks | +1.9% | −9.7% | −3.9% | −25.8% | back-calculated | |
| Uptrend | Mar 2019 | Apr 2019 | 5 weeks | −2.5% | −0.6% | −14.4% | −32.3% | back-calculated | |
| Downtrend | Sep 2018 | Mar 2019 | 6 months | +0.5% | −0.3% | +2.2% | −9.6% | back-calculated | |
| Uptrend | Aug 2018 | Sep 2018 | 5 weeks | +0.9% | −4.7% | −10.6% | −15.1% | back-calculated | |
| Downtrend | May 2018 | Aug 2018 | 3 months | +2.4% | +3.6% | +0.7% | +4.1% | back-calculated | |
| Uptrend | Apr 2018 | May 2018 | 6 weeks | +0.6% | −5.3% | −12.8% | +0.7% | back-calculated | |
| Downtrend | Mar 2018 | Mar 2018 | 3 weeks | −0.4% | +1.1% | +4.1% | +1.6% | back-calculated | |
| Uptrend | Jan 2017 | Mar 2018 | 14 months | +27.9% | +17.2% | +20.9% | +32.3% | back-calculated | |
| Downtrend | Dec 2016 | Jan 2017 | 5 weeks | +7.8% | +21.5% | +25.9% | +52.9% | back-calculated | |
| Uptrend | Apr 2016 | Dec 2016 | 8 months | +10.8% | +6.8% | +27.5% | +37.7% | back-calculated | |
| Downtrend | Jan 2016 | Apr 2016 | 3 months | +6.8% | +8.3% | +15.7% | +24.7% | back-calculated | |
| Uptrend | Dec 2015 | Jan 2016 | 3 weeks | −0.2% | −6.8% | +4.6% | +10.0% | back-calculated | |
| Downtrend | Dec 2015 | Dec 2015 | 2 weeks | +2.6% | −4.4% | +6.5% | +12.8% | back-calculated | |
| Uptrend | Nov 2015 | Dec 2015 | 2 weeks | −1.2% | −16.6% | +2.0% | +11.2% | back-calculated | |
| Downtrend | Nov 2015 | Nov 2015 | 3 weeks | +4.0% | −5.0% | +6.8% | +16.9% | back-calculated | |
| Uptrend | Oct 2015 | Oct 2015 | 3 weeks | −2.4% | −8.7% | +2.1% | +24.8% | back-calculated | |
| Downtrend | Sep 2015 | Oct 2015 | 6 weeks | +6.3% | +5.8% | −0.8% | +29.1% | back-calculated | |
| Uptrend | Jun 2015 | Aug 2015 | 2 months | +2.0% | +1.1% | +6.3% | +14.5% | back-calculated | |
| Downtrend | Jun 2015 | Jun 2015 | 2 weeks | +3.7% | +5.2% | +8.6% | +15.9% | back-calculated | |
| Uptrend | Nov 2013 | Jun 2015 | 19 months | +80.9% | −1.7% | +19.3% | +73.0% | back-calculated | |
| Downtrend | Feb 2013 | Oct 2013 | 9 months | −3.5% | +0.6% | −15.6% | +0.2% | back-calculated | |
| Uptrend | Sep 2012 | Feb 2013 | 5 months | +7.5% | +13.8% | −3.3% | −7.2% | back-calculated | |
| Downtrend | Jul 2012 | Sep 2012 | 8 weeks | +2.2% | +7.0% | +19.7% | −0.6% | back-calculated | |
| Uptrend | Jul 2012 | Jul 2012 | 3 weeks | −2.1% | +4.3% | +19.5% | −4.9% | back-calculated | |
| Downtrend | Apr 2012 | Jun 2012 | 2 months | +1.2% | −0.9% | +6.8% | +9.5% | back-calculated | |
| Uptrend | Feb 2012 | Apr 2012 | 3 months | −0.7% | −11.3% | −4.6% | +6.2% | back-calculated | |
| Downtrend | Nov 2010 | Feb 2012 | 14 months | −16.6% | −17.1% | −8.9% | −23.7% | back-calculated | |
| Uptrend | May 2009 | Nov 2010 | 19 months | +98.4% | +44.1% | +55.3% | +74.7% | back-calculated | |
| Downtrend | Mar 2008 | Apr 2009 | 14 months | −40.5% | −4.7% | −16.1% | −51.5% | back-calculated | |
| Uptrend | Apr 2007 | Feb 2008 | 10 months | +54.3% | +13.2% | +48.5% | +49.0% | back-calculated | |
| Downtrend | Mar 2007 | Apr 2007 | 7 weeks | +10.4% | +15.1% | +34.0% | +57.3% | back-calculated | |
| Uptrend | Oct 2006 | Mar 2007 | 5 months | −3.4% | +7.3% | −1.8% | +44.9% | back-calculated |
After big moves
Nifty Midcap Select has fallen below its 200-day average 27 times. A year later it was higher 75% of the time, with a median return of +12.3%; from any day, 73% and +13.9%. The deepest fall within that year had a median of −8.5%, against −9.8% from any day.
What Nifty Midcap Select did after each kind of move since 2006: the median total return over the next 3, 6 and 12 months, how often it was higher a year later, and the median of the deepest fall within that year. A move counts once: a cross of the 200-day average after 20 sessions on the other side, a fall of 10% or 20% from a high (counted again only after a new high), a 52-week high after three months without one. The last row is every day, the yardstick.
| After it | Times | 3 months | 6 months | 12 months | Higher a year later | Deepest fall within a year | More |
|---|---|---|---|---|---|---|---|
| Fell below its 200-day average | 27 | +1.9% | +6.4% | +12.3% | 75% | −8.5% | |
| Rose back above it | 17 | +4.3% | +3.3% | +17.1% | 75% | −5.3% | |
| Fell 10% from its high | 15 | +9.9% | +13.1% | +16.2% | 77% | −8.4% | |
| Fell 20% from its high | 6 | +13.3% | +15.8% | +19.5% | 83% | −15.8% | |
| Made a new 52-week high | 14 | +4.0% | +8.3% | +27.5% | 83% | −7.8% | |
| Any day (the usual) | – | +4.4% | +7.7% | +13.9% | 73% | −9.8% |
Some of these are small samples. Where a move has happened fewer than ten times, one or two cases decide the median. These describe Nifty Midcap Select's own past; the moves overlap, and a fall or a cross is only visible after it has happened. Pooled across 106 investable markets since each launched, the returns after these moves did not differ from an ordinary day by more than luck would explain once all ten comparisons are counted. Two patterns came close: a year after a new 52-week high, returns were about 6 points above usual, and after a fall below the 200-day average the deepest fall in the next year was about 2 points worse. The full test is on the evidence page.
Every such move in Nifty Midcap Select, newest first. Blank where the period has not yet passed.
| Date | Move | 1 month | 3 months | 6 months | 12 months | Deepest fall in the year | History | More |
|---|---|---|---|---|---|---|---|---|
| 1 Oct 2026 | Down 10% | – | – | – | – | – | – | |
| 28 Sept 2026 | Below 200-day | – | – | – | – | – | – | |
| 6 May 2026 | 52-week high | −1.4% | +4.3% | – | – | – | – | |
| 10 Apr 2026 | Above 200-day | +5.0% | +9.9% | +3.0% | – | – | – | |
| 13 Mar 2026 | Down 10% | +9.7% | +15.7% | +14.6% | – | – | – | |
| 4 Mar 2026 | Below 200-day | −3.2% | +8.9% | +12.7% | – | – | – | |
| 1 Feb 2026 | Below 200-day | +2.2% | +11.9% | +14.3% | – | – | – | |
| 30 Oct 2025 | 52-week high | +4.4% | −3.2% | +8.3% | – | – | – | |
| 10 Jun 2025 | 52-week high | −0.1% | −3.0% | +2.0% | +10.1% | −8.2% | – | |
| 12 May 2025 | Above 200-day | +6.3% | +1.8% | +9.5% | +13.6% | −2.5% | – | |
| 13 Jan 2025 | Down 10% | −0.1% | −2.0% | +13.1% | +16.2% | −8.8% | – | |
| 13 Jan 2025 | Below 200-day | −0.1% | −2.0% | +13.1% | +16.2% | −8.8% | – | |
| 25 May 2023 | 52-week high | +4.7% | +15.5% | +24.7% | +49.3% | never below | – | |
| 24 Apr 2023 | Above 200-day | +6.7% | +18.4% | +24.0% | +56.5% | never below | – | |
| 23 Dec 2022 | Below 200-day | +1.8% | −3.5% | +18.1% | +51.5% | −4.3% | – | |
| 26 Sept 2022 | Below 200-day | +3.6% | +1.1% | −6.3% | +29.4% | −6.3% | – | |
| 1 Aug 2022 | Above 200-day | +3.3% | +4.3% | −3.2% | +20.0% | −7.6% | – | |
| 12 May 2022 | Down 20% | +4.1% | +13.6% | +15.4% | +18.0% | −4.0% | – | |
| 25 Apr 2022 | Below 200-day | −9.7% | −3.2% | +1.8% | +2.6% | −14.9% | – | |
| 14 Feb 2022 | Below 200-day | +0.8% | −7.8% | +6.8% | +0.2% | −12.9% | – | |
| 17 Dec 2021 | Down 10% | +9.0% | −1.9% | −13.2% | −0.9% | −15.6% | – | |
| 12 Apr 2021 | Down 10% | +4.1% | +19.1% | +39.5% | +29.1% | never below | back-calculated | |
| 11 Nov 2020 | 52-week high | +12.5% | +33.8% | +34.0% | +69.9% | never below | back-calculated | |
| 6 Aug 2020 | Above 200-day | +9.6% | +12.5% | +59.9% | +71.9% | never below | back-calculated | |
| 28 Feb 2020 | Below 200-day | −31.1% | −17.7% | +1.6% | +53.4% | −36.2% | back-calculated | |
| 23 Jan 2020 | 52-week high | −1.9% | −30.4% | −17.9% | +23.7% | −41.7% | back-calculated | |
| 18 Nov 2019 | Above 200-day | +0.5% | +7.1% | −26.3% | +12.4% | −36.6% | back-calculated | |
| 22 Aug 2019 | Down 20% | +10.2% | +13.1% | +16.3% | +14.0% | −29.5% | back-calculated | |
| 8 Jul 2019 | Below 200-day | −8.8% | −9.8% | +2.1% | −15.4% | −38.2% | back-calculated | |
| 2 May 2019 | Below 200-day | +4.3% | −8.3% | −4.2% | −27.2% | −38.3% | back-calculated | |
| 5 Mar 2019 | Above 200-day | +3.7% | +4.2% | −7.7% | −15.9% | −18.9% | back-calculated | |
| 21 Nov 2018 | Above 200-day | −0.1% | −8.0% | +3.3% | −3.0% | −13.2% | back-calculated | |
| 21 Sept 2018 | Below 200-day | −7.0% | −0.3% | +2.2% | −9.6% | −13.3% | back-calculated | |
| 27 Jul 2018 | Above 200-day | +5.9% | −3.1% | −2.9% | −11.8% | −12.2% | back-calculated | |
| 21 May 2018 | Below 200-day | +0.9% | +6.5% | +1.5% | +5.0% | −8.2% | back-calculated | |
| 23 Mar 2018 | Below 200-day | +9.7% | +3.2% | +3.9% | +9.0% | −6.5% | back-calculated | |
| 2 Feb 2018 | Down 10% | +0.1% | +6.7% | +4.3% | −4.7% | −8.4% | back-calculated | |
| 17 Mar 2017 | 52-week high | +3.5% | +8.2% | +16.1% | +16.0% | −1.0% | back-calculated | |
| 22 Dec 2016 | Below 200-day | +7.4% | +20.8% | +25.2% | +52.3% | −3.4% | back-calculated | |
| 15 Nov 2016 | Down 10% | +0.7% | +9.4% | +23.4% | +37.8% | −6.6% | back-calculated | |
| 30 Jun 2016 | 52-week high | +7.1% | +18.8% | +4.7% | +32.5% | −2.2% | back-calculated | |
| 31 Mar 2016 | Above 200-day | +1.9% | +11.6% | +31.7% | +36.7% | −2.4% | back-calculated | |
| 12 Feb 2016 | Down 20% | +8.9% | +19.1% | +35.5% | +46.6% | never below | back-calculated | |
| 14 Jan 2016 | Below 200-day | −8.7% | +3.9% | +12.9% | +19.9% | −12.7% | back-calculated | |
| 5 Nov 2015 | Below 200-day | +3.0% | −3.6% | +6.0% | +16.9% | −12.1% | back-calculated | |
| 24 Aug 2015 | Down 10% | +5.1% | +10.4% | −8.0% | +29.1% | −8.0% | back-calculated | |
| 24 Aug 2015 | Below 200-day | +5.1% | +10.4% | −8.0% | +29.1% | −8.0% | back-calculated | |
| 16 Jul 2015 | 52-week high | +2.9% | +0.4% | −8.3% | +10.9% | −15.7% | back-calculated | |
| 11 Jun 2015 | Below 200-day | +7.5% | +3.2% | +7.8% | +14.9% | −6.2% | back-calculated | |
| 7 May 2015 | Down 10% | +5.5% | +19.2% | +8.7% | +15.2% | −4.5% | back-calculated | |
| 7 May 2015 | Below 200-day | +5.5% | +19.2% | +8.7% | +15.2% | −4.5% | back-calculated | |
| 11 Jul 2014 | Down 10% | +5.3% | +8.7% | +25.5% | +37.1% | never below | back-calculated | |
| 19 Mar 2014 | 52-week high | +12.6% | +38.7% | +55.3% | +69.8% | −1.3% | back-calculated | |
| 21 Oct 2013 | Above 200-day | +3.2% | +8.5% | +26.5% | +72.5% | −2.1% | back-calculated | |
| 2 May 2013 | Above 200-day | −2.1% | −10.3% | +0.7% | +22.9% | −17.4% | back-calculated | |
| 26 Feb 2013 | Below 200-day | −2.9% | +0.8% | −13.1% | +5.2% | −15.0% | back-calculated | |
| 12 Nov 2012 | 52-week high | +4.9% | −0.7% | −1.9% | −2.1% | −20.3% | back-calculated | |
| 26 Jul 2012 | Below 200-day | −0.6% | +8.2% | +20.3% | −1.3% | −2.3% | back-calculated | |
| 12 Jun 2012 | Above 200-day | +6.1% | +0.3% | +21.9% | +3.0% | −3.0% | back-calculated | |
| 4 May 2012 | Below 200-day | −7.4% | +2.7% | +8.1% | +11.1% | −7.4% | back-calculated | |
| 2 Feb 2012 | Above 200-day | +4.9% | −2.4% | +0.2% | +14.3% | −9.6% | back-calculated | |
| 26 Nov 2010 | Below 200-day | −0.5% | −17.1% | −8.9% | −23.7% | −29.2% | back-calculated | |
| 3 Aug 2009 | 52-week high | +0.4% | +3.7% | +10.2% | +31.3% | −7.3% | back-calculated | |
| 4 May 2009 | Above 200-day | +41.5% | +44.6% | +47.8% | +82.7% | never below | back-calculated | |
| 22 Apr 2008 | Above 200-day | +2.3% | −21.7% | −50.3% | −39.4% | −58.3% | back-calculated | |
| 7 Mar 2008 | Below 200-day | −5.3% | −4.7% | −16.1% | −51.5% | −56.7% | back-calculated | |
| 21 Jan 2008 | Down 20% | +5.4% | −3.4% | −17.6% | −53.5% | −57.7% | back-calculated | |
| 18 Jan 2008 | Down 10% | −11.3% | −16.4% | −29.5% | −60.1% | −64.0% | back-calculated | |
| 23 Aug 2007 | Below 200-day | +22.0% | +52.4% | +46.8% | +13.5% | never below | back-calculated | |
| 17 Aug 2007 | Down 10% | +12.5% | +51.6% | +38.0% | +12.8% | −3.5% | back-calculated | |
| 29 Jun 2007 | 52-week high | +1.7% | +14.3% | +71.5% | −1.5% | −8.4% | back-calculated | |
| 5 Mar 2007 | Down 20% | +4.1% | +18.9% | +34.0% | +68.0% | −2.0% | back-calculated | |
| 5 Mar 2007 | Below 200-day | +4.1% | +18.9% | +34.0% | +68.0% | −2.0% | back-calculated | |
| 23 Feb 2007 | Down 10% | −4.2% | +10.4% | +13.1% | +54.2% | −11.8% | back-calculated | |
| 2 Feb 2007 | 52-week high | −19.4% | −8.5% | +2.7% | +42.4% | −22.0% | back-calculated | |
| 21 Aug 2006 | Above 200-day | +5.7% | +13.3% | +17.7% | +24.3% | −1.7% | back-calculated | |
| 19 May 2006 | Down 20% | −17.4% | −4.2% | +13.9% | +20.9% | −27.7% | back-calculated | |
| 16 May 2006 | Down 10% | −35.5% | −17.3% | +0.5% | +7.2% | −35.5% | back-calculated | |
| 19 Oct 2005 | Down 10% | +1.8% | +14.1% | +38.4% | +25.9% | −16.5% | back-calculated |
What the trend rules did here
₹1 lakh put into Nifty Midcap Select in October 2006 and held would be ₹12.9 lakh today after costs and tax. The better of the two simple rules, the 200-day average, would have left ₹9.9 lakh. Each rule holds Nifty Midcap Select while its signal is up and sits in a liquid fund otherwise, deciding at one day's close and trading at the next.
₹1 lakh from October 2006 to 26 Oct 2026, when all three rules had enough history. Costs: 0.10% of each trade and fund running costs. After tax: Indian capital-gains rules as they stood on each date, at the 30% slab, everything sold at the end. The ensemble trades a little every day, which no one would do in a taxable account, so it has no after-tax figure. The worst three years compare the rule's return a year with holding's over the same three years.
| Before tax | After tax | After tax, a year | Deepest fall | Worst three years against holding | When | More | |
|---|---|---|---|---|---|---|---|
| Buying and holding | ₹14.3 lakh | ₹12.9 lakh | 13.6% | −70%, Jan 2008 to Mar 2009 | – | – | |
| 10-month average | ₹6.8 lakh | ₹6.1 lakh | 9.4% | −44%, Jan 2008 to Jul 2009 | −23.9% points a year | Mar 2009 to Mar 2012 | |
| 200-day average | ₹11.4 lakh | ₹9.9 lakh | 12.1% | −41%, Jan 2008 to May 2008 | −16.4% points a year | Apr 2020 to Apr 2023 | |
| All 24 signals (the ensemble) | ₹12.3 lakh | not computed | – | −33%, Jan 2008 to Feb 2009 | −18.7% points a year | Apr 2020 to Apr 2023 |
Nifty Midcap Select: growth of 1 under each rule
Weekly, after costs, before tax. Log scale: equal slopes are equal returns.
How to read it. Buying and holding: 14.2% a year, worst fall -70%. The 10-month rule: 10.1%, worst fall -44%. The 200-day rule: 12.9%, worst fall -41%. Look first at the big falls, where the rule lines go flat, and then at the recoveries, where they lag.
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Each rule against buying and holding over the same dates, over the full history and, where it is three years or more, since NSE launched the index.
| Rule | Period | Rule, a year | Buy and hold | After tax, rule minus buy and hold | Rule's worst fall | Buy and hold's | Time invested | Switches a year |
|---|---|---|---|---|---|---|---|---|
| 10-month average | Full, from Oct 2006 | 10.1% | 14.2% | −4.2 pts | −44% | −70% | 73% | 1.0 |
| 200-day average | Full, from Oct 2006 | 12.9% | 14.2% | −1.5 pts | −41% | −70% | 71% | 3.9 |
| All 24 signals (the ensemble) | Full, from Oct 2006 | 13.3% | 14.2% | – | −33% | −70% | 61% | 4.6 |
| 10-month average | Since launch, Sep 2021 | 7.3% | 13.8% | −6.5 pts | −26% | −24% | 80% | 1.1 |
| 200-day average | Since launch, Sep 2021 | 11.8% | 13.8% | −2.1 pts | −18% | −24% | 79% | 3.4 |
| All 24 signals (the ensemble) | Since launch, Sep 2021 | 10.2% | 13.8% | – | −18% | −24% | 66% | 4.8 |
Not a test. These two rules were pre-registered on seven markets, and on those none beat buying and holding by more than luck would explain (the evidence). Run on all 127 investable markets here, the 10-month rule kept more after tax than buying and holding on 35 and the 200-day rule on 29; both had a shallower worst fall on nearly all of them. With this many markets, some would look good by chance, so one market's result says little about the next decade.
About this market
Nifty Midcap Select, in broad market (mid). Source: NSE total-return index (NSE factsheet). History from Oct 2005. Its returns, calendar years, falls, valuation and holdings are on the index tab.
Back-calculated history. NSE launched this index in September 2021. Its history before that is a back-calculation: today's rules applied to the past. Rules chosen with that past in view tend to look better in it, so treat the pre-launch years, marked on each chart, with care.
Trend asks whether a market is rising; momentum asks whether it is rising faster than the others. Both look back from one month to a year: trend at six horizons (1, 2, 3, 6, 9 and 12 months), momentum at four (1, 3, 6 and 12). Every market is measured on its return above a liquid fund (the 91-day T-bill), so an index that only keeps pace with cash is not trending.
The trend score is the share of 24 signals that point up: four ways of asking whether a price is trending (above where it was, above its average, a short average above a long one, in the top half of its range), each at six horizons from one month to a year. 100 means all agree it is rising; 0 that all agree it is falling.
Uptrend and downtrend. Read once a week, a market enters an uptrend when its score reaches 70 (17 of 24 signals up) and stays in it until the score falls to 30 or below, when it enters a downtrend. "Uptrend since March 2026" means the score first reached 70 in March and has not fallen to 30 since. The gap between the two lines keeps a market from flipping every other week.
Describing is not forecasting. In my pre-registered tests no trend or momentum rule on indices beat buying and holding by more than luck would explain, and after tax every rule trailed on the large-cap indices. What the rules did reliably was cut the worst falls. What the tests found. Many indices are back-calculated by NSE before their launch; their pages say so and draw that history lighter.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.