- CLSA analyst Laurence Balanco flags Dixon Technologies as a key buy candidate
- Dixon Tech built a base from January to May 2026, trading rangebound during this period
- Nifty 50 remains range-bound with support at 21,743-21,800 and resistance at 26,270-26,340
After a 20% correction in the last six months, CLSA technical analyst Laurence Balanco has flagged Dixon Technologies as a key buy candidate in his latest price action note. He also believes the NSE Midcap Index is on the cusp of a major breakout from a consolidation pattern that has been forming since 2024.
Balanco's call on Dixon Tech comes against the backdrop of the stock building a base between January and May 2026, largely trading rangebound during this period. Since the turn of the year, Dixon Tech has depreciated around 3%, compared to the 22% drawdown in the past 12 months.
On the broader Indian market, Balanco noted that the Nifty 50 remains range-bound within its 2024-to-date trading range, defined by the 21,743-21,800 support zone on the downside and 26,270-26,340 resistance on the upside.
While the headline index stays anchored in this range, the more interesting setup is in the midcap space.
As per Balanco, the NSE Midcap Index is on the cusp of a breakout, which, if confirmed, would support an upside target of 77687 to 78,000. The potential breakout in the midcaps while the Nifty remains range-bound suggests broader market participation and a rotation into the mid-tier of the market. This is usually a setup that tends to be bullish for risk appetite.
The NSE Midcap Index, Balanco said, is on the cusp of confirming a breakout from its 2024-to-date consolidation pattern — a move that, if confirmed, would support an upside target of 77,687 to 78,000.
The potential breakout in midcaps while the Nifty remains range-bound suggests a broadening of market participation and a rotation into the mid-tier of the market — a setup that historically tends to be bullish for risk appetite.
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