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CLSA says Nifty has given a new signal on the charts; check potential returns and top midcap 'buys'Laurence Balanco of CLSA has shared five midcap ideas: BSE, MCX, Apollo Tubes, Dixon Technologies and Aurobindo Pharma.By Meghna Sen  April 21, 2026, 7:36:42 AM IST (Updated)1 Min ReadCLSA's Laurence Balanco said India is currently the only market in the region to flash a fresh breadth thrust signal. On April 15, the Nifty 50 saw nearly 60% of its constituents hit new four-week highs, while the broader BSE 500 index triggered a similar signal later in the week.

In his latest note, Balanco said that historical trends remain supportive. Past breadth thrust signals on the Nifty have delivered average forward returns of 6.9% over 30 days, 7.3% over 60 days, 8.8% over 90 days, 11.7% over 180 days and 28.6% over 360 days.

The corresponding hit rates stand at 78%, 75%, 71%, 73% and 85%, respectively.

Balanco also flagged five midcap ideas: BSE, MCX, Apollo Tubes, Dixon Technologies and Aurobindo Pharma.

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In his earlier note dated April 16, he had said the Nifty could rally another 900 points from current levels, provided it breaks above a key resistance zone.

He said that the ongoing recovery is now testing the 24,300 to 24,400 band, which coincides with the 50-day moving average.

The Nifty 50 has already rebounded over 2,000 points from its early-April lows of 22,182, with largecap private banking stocks leading the upmove.

The index has advanced in 9 of the 12 trading sessions so far this month, with 5 sessions delivering gains of 1% or more.Continue ReadingNote To ReadersDisclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.First Published: Apr 21, 2026 7:35 AM ISTTagsBSE MidcapCLSANifty 50