Chart check: NIFTY50 crosses 200 EMA; NIFTY Midcap 100 and small cap 100 to hit fresh record highs

Indian markets are slated to end the month of July on a positive note with all the benchmark and broader indices soaring in the green. The global market cues remain volatile, but with a positive bias. The benchmark indices like NIFTY50 and SENSEX still trade nearly 8% away from their record high levels; the broader indices are just shy of hitting fresh peaks. Here is how key benchmark and broader indices fared in July and what charts are indicating for August.

NIFTY50

NIFTY50 index soared over 2.2% in July, extending its winning streak for the second consecutive month. On the monthly charts, NIFTY50 crossed the pivotal and psychological benchmark of 24,000 in July on a closing basis, which indicates strength in buying power at lower levels. The levels were long defended for four consecutive months, which held back the rally in NIFTY50. Additionally, the index also closed above the monthly 20-EMA level of 24,095, suggesting renewed momentum in the index.

NIFTY Midcap 100

The Midcap 100 extended its winning streak for the fourth consecutive month as it hit a fresh record high level in July. The index rose 1.9% in July, hitting fresh record high levels of 63,183, crossing the previous month’s record high level of 62909. The index remained above the crucial swing high trendline from the September 2024 peak. Additionally, the index made a higher-low formation in the long term, indicating lower support at every fresh high.

NIFTY Smallcap 100

The index has gained nearly 3% in July and is just shy of hitting fresh record high levels on monthly charts. The index has previously hit record high levels of 19,716 in December 2024. Since then, the index has seen volatile movements. The index has extended its rally for the fourth consecutive month, gaining nearly 10% in 2026. Additionally, on monthly charts, the index is trading near the long-term swing high resistance trendline and is also forming a positive W pattern breakout formation on monthly charts.