--- title: "Midcap Momentum Strategy | Nifty Midcap 150 | RupeeCase" description: "20 momentum stocks from the Nifty Midcap 150, equal weight, rotated every 2 weeks. A rules based index in your own demat, 0.2% of traded value per rebalance." source_url: "https://www.rupeecase.com/strategies/midcap" --- Momentum, Nifty Midcap 150 # Midcap momentum strategy Midcap is a RupeeCase index that holds 20 stocks from the Nifty Midcap 150, ranked by price momentum, rebalanced every 2 weeks. Model CAGR 38.8% (back tested, as of 27 Apr 2026), minimum about ₹90,000 (as of 8 Aug 2026), high risk band. 20 stocks from the Nifty Midcap 150. Fortnightly rotation. **High** risk band [Sign up for RupeeCase](https://invest.rupeecase.com/signup?strategy=midcap) [Compare Midcap](/strategies/compare/midcap-vs-midcap-smallcap) Runs in your own 5paisa, Zebu or Arrow demat. The shares stay in your name. 01At a glance ## Midcap in four numbers. CAGR**38.75%**Model, back tested Max drawdown**−24.87%**Model, back tested Minimum investment**₹90K**About ₹90,000 Fee per rebalance**0.2%**Of traded value, nothing else Midcap, model**₹560**Nifty 50 TRI, 9.80% CAGR line**₹162** 150 200 300 500 ₹100 in May 2021 became ₹560 by Jul 2026 (Nifty 50 TRI line ₹162). Model, back tested. As of 27 Apr 2026. After charges, log scale. 02Three steps ## Compare. Validate. Invest. 1. ### Compare Against the other 17 strategies, and funds, PMS and AIF. [Compare strategies](/compare) 2. ### Validate the back test Every year, fall, holding and rebalance, in the factsheet. Open the factsheet 3. ### Invest Link your broker and approve each rebalance. Stocks stay in your own demat; RupeeCase never holds your money. [Invest in Midcap](https://invest.rupeecase.com/signup?strategy=midcap) ### Invest, screen by screen Watch the walkthrough, 0:46 1. 1Each strategy page shows its model history and the Invest bar with the minimum. 2. 2The sheet opens with the minimum as the amount; Use minimum puts it back. 3. 3Practice follows the strategy with no real broker order. 4. 4Live shows your broker cash and asks for your consent before any order. Screens from the RupeeCase app. Model, back tested figures as of 27 Apr 2026; portfolio screens are a sample for illustration. 03Factsheet ## Midcap factsheet Model, back tested, after charges; each block names its date. Print [PDF factsheet](https://www.rupeecase.com/strategies/factsheets/midcap) Performance Holdings and sectors Rebalances Risk metrics Methodology Costs Documents ### Performance6 years, 61 months ### Performance #### Calendar year returns * 2021from May**+37.5%** * 2022**+41.3%** * 2023**+79.4%** * 2024**+51.1%** * 2025**+5.6%** * 2026to May**+1.3%** Model, back tested, after charges, 2021 to May 2026. #### What an amount would have become One time Every month Amount, ₹ You put in₹90,000 Model value Gain Model, back tested monthly returns after charges, May 2021 to May 2026 (61 months). #### Stress test: drag through the falls Month**Feb 2025** Below the last peak**−23.8%** Back to the peak Model value, log scaleBelow the last peak Month on the record Deepest falls, daily record **−24.9%**Dec 2024, 322 days to recover **−18.5%**Apr 2022, 140 days to recover **−15.5%**Jan 2023, 147 days to recover **−12.2%**Oct 2021, 63 days to recover Exact dates of the deepest falls 1. **−24.87%**20 Dec 2024 to 7 Nov 2025*322 days* 2. **−18.48%**15 Apr 2022 to 2 Sep 2022*140 days* 3. **−15.52%**6 Jan 2023 to 2 Jun 2023*147 days* 4. **−12.16%**22 Oct 2021 to 24 Dec 2021*63 days* 5. **−11.35%**21 Jan 2022 to 25 Mar 2022*63 days* Daily model record over rolling 5 years: peak to low, and days until back at that peak. Model, back tested. As of 27 Apr 2026. Month end values, May 2021 to Jul 2026, so falls read shallower than the daily figures on the buttons. Falls this deep can happen again. #### Monthly returns | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2021 | no data | no data | no data | no data | 0.4 | 1.9 | 8.2 | 0.4 | 11.2 | 1.4 | −6.5 | 17.4 | +37.5% | | 2022 | −0.1 | −7.5 | 8.2 | 1.8 | −6.2 | −3.6 | 9.1 | 2.3 | −1.5 | 6.9 | 13.6 | 14.9 | +41.3% | | 2023 | −10.8 | −5.3 | 4.1 | 11.4 | −1.1 | 12.5 | 6.7 | 10.0 | 10.4 | −2.1 | 15.4 | 12.4 | +79.4% | | 2024 | 10.5 | 4.6 | −0.5 | 10.7 | 8.4 | 2.8 | 3.0 | 2.8 | −1.9 | −4.2 | 2.3 | 4.5 | +51.1% | | 2025 | −15.5 | −9.8 | 9.7 | 4.3 | 8.7 | 4.1 | −5.1 | 3.9 | −0.3 | 3.5 | 3.7 | 1.5 | +5.6% | | 2026 | −2.8 | 4.9 | −14.8 | 13.4 | 2.8 | no data | no data | no data | no data | no data | no data | no data | +1.3% | Model, back tested, after charges; one calendar month per cell, in percent. #### Rolling returns ##### Any 1 year, return Worst−3.3% Median+29.1% Best+155.4% Positive92%of 51 windows ##### Any 3 years, CAGR Worst+35.5% Median+52.5% Best+69.0% Positive100%of 27 windows Model, back tested, month end values, May 2021 to Jul 2026. ### Holdings and sectors20 holdings, 7 sectors ### Holdings and sectors #### 20 holdings * Equity**89%** * SUZLON**5.0%** * HUDCO**5.0%** * IDEA**5.0%** * THERMAX**4.9%** * MAHABANK**4.9%** * NATIONALUM**4.8%** * SAIL**4.8%** * BHEL**4.7%** * TORNTPOWER**4.7%** * NLCINDIA**4.7%** * GVT&D**4.6%** * ATGL**4.5%** * NAM-INDIA**4.5%** * BSE**4.2%** * BHARATFORG**4.2%** * PREMIERENE**4.1%** * LLOYDSME**3.8%** * RADICO**3.7%** * COCHINSHIP**3.5%** * MCX**3.4%** Live quantities and prices are in the app. [Sign up for RupeeCase](https://invest.rupeecase.com/signup?strategy=midcap) Weights on the rebalance day, 11 May 2026; they drift with prices until the next rebalance. Model portfolio, not a recommendation. #### Sector allocation * Other, not yet mapped**25.5%** * Power & Utilities**20.8%** * Banking & Financial**19.1%** * Capital Goods**14.9%** * Metals & Mining**10.8%** * Auto & Components**4.7%** * FMCG & Consumer**4.2%** 7 sectors in the equity sleeve; 25.5% not yet in the sector map. Heavy in metals/energy/power complex, exchanges, banks, pharma/chemicals, engineering, and select consumer/realty names. #### Sector weight by year 132 rebalances, 9 sectors touched, 7 held now. Show the year by year sector table | Sector | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Now | | --- | --- | --- | --- | --- | --- | --- | --- | | Other, not yet mapped | 82 | 80 | 72 | 73 | 76 | 40 | 25 | | Banking & Financial | 7 | 9 | 12 | 7 | 11 | 20 | 20 | | Power & Utilities | 2 | 4 | 7 | 5 | 2 | 9 | 20 | | Capital Goods | 1 | 5 | 4 | 8 | 7 | 9 | 15 | | Metals & Mining | 6 | 1 | 1 | 4 | 1 | 8 | 10 | | Auto & Components | 0 | 1 | 1 | 1 | 2 | 8 | 5 | | FMCG & Consumer | 0 | 0 | 0 | 0 | 0 | 1 | 5 | | Pharma & Healthcare | 0 | 0 | 4 | 2 | 1 | 4 | out | | Realty & Construction | 1 | 1 | 0 | 1 | 0 | 1 | out | Average weight of the equity sleeve that year, equal weighted at the stock level; darker is higher. Now: the list of 11 May 2026. ### Rebalances132 published, latest 11 May 2026 ### Rebalances #### The rebalance record published rebalances132 first in the record14 May 2021 26 a yearEvery 2 weeks latest published11 May 2026 A fixed calendar; you approve each rebalance before your broker places the orders. #### Latest rebalance, 11 May 2026 Against the list of 8 May 2026: **0 in**, **6 out**, 20 held, 20 on the list. ##### Out * AUROPHARMA * NIACL * NTPCGREEN * LAURUSLABS * FEDERALBNK * OBEROIRLTY The 20 held names are in Holdings. Model, back tested record. In plus held is the list size, which can differ from the 20 stock target. Not recommendations. #### Recent rebalances | Date | On the list | In | Out | | --- | --- | --- | --- | | 11 May 2026 | 20 | 0 | −6 | | 8 May 2026 | 26 | +6 | −6 | | 24 Apr 2026 | 26 | +6 | −6 | | 10 Apr 2026 | 26 | +6 | −4 | | 27 Mar 2026 | 24 | +4 | −4 | | 13 Mar 2026 | 24 | +3 | −6 | [Every rebalance with its names](/rebalance/midcap/)[Rebalance history, CSV](/data/rebalances/midcap.csv) #### Sector shifts of 10 points or more 10 such shifts in 132 rebalances. Show the latest six rebalances, what moved 1. 8 May 2026Other, not yet mapped **+12 pts** 2. 24 Apr 2026Other, not yet mapped **−15 pts**, Power & Utilities **+12 pts** 3. 10 Apr 2026Other, not yet mapped **−19 pts** 4. 27 Mar 2026Other, not yet mapped **−12 pts** 5. 24 Oct 2025Other, not yet mapped **−15 pts** 6. 26 Sep 2025Other, not yet mapped **−10 pts** Equity sleeve, between two consecutive lists. ### Risk metricsSharpe 1.49, volatility 25.44% ### Risk metrics #### Midcap against the Nifty 50 | Metric | Midcap | Nifty 50 | | --- | --- | --- | | Sharpe ratio | 1.49 | 0.73 | | Sortino ratio | 1.46 | 0.70 | | Calmar ratio | 1.66 | 0.58 | | Volatility, a year | 25.44% | 14.04% | | Max drawdown | −24.87% | −16.92% | | Best week | +9.45% | +6.36% | | Worst week | −10.41% | −6.33% | | Weeks up | 60.92% | 57.47% | | Average up week | +2.92% | +1.49% | | Average down week | −2.69% | −1.57% | Model, back tested, after charges. Weekly, rolling 5 years to 27 Apr 2026; Nifty 50 over the same window. #### Risk band **High**, Low to Very High Deepest model fall−24.87% Time horizon5 years or longer. Drawdowns of 25% have happened in the backtest and can happen again. Capital you might need within 12 months should not be here. ##### Walk the risk band [One step safer (Moderately High)Midcap SmallcapCAGR 42.6%, Sharpe 1.63, max drawdown −26.2%](/strategies/midcap-smallcap)[One step bolder (Very High)5Paisa Focused Alpha 5CAGR 54.1%, Sharpe 1.60, max drawdown −24.2%](/strategies/5paisa-focused-alpha-5) Card figures: Model, back tested. As of 27 Apr 2026. [Take the risk profile](/risk-profile) to find your band. #### Watch the figures explained ### MethodologyEvery 2 weeks ### Methodology #### How it works 1. 1**Universe**Start from the Nifty Midcap 150, filtered to stocks priced under ₹5,000. 2. 2**Rank**Score every stock by a risk adjusted momentum composite over several look backs. 3. 3**Select**Hold the top 20 names by score, equal weighted so no single name dominates. 4. 4**Rebalance**Every 2 weeks the model reruns: names out of the top 20 are sold, new entrants bought, and the full list is published. #### Configuration UniverseNifty Midcap 150 SleevesEquity 100 Holdings20, equal weight RebalanceEvery 2 weeks, 26 a year Max stock price₹5,000 BenchmarkNifty 50 (charts: Nifty 50 TRI CAGR line) Back test from7 May 2021 Metrics windowRolling 5 years PricesNSE BhavCopy, after brokerage, STT, exchange charges and GST Written forGrowth-oriented investors comfortable with double-digit drawdowns #### Why Midcap A strategy chart on the briefing wall, sample data * Focused mid-cap momentum from the Nifty Midcap 150 * 20 stocks equal-weighted, rebalanced fortnightly * Pure segment conviction: no large-cap or small-cap dilution * India's mid-cap capex story, run through a momentum screen Read 5 more paragraphs, 169 words This card sits between Alpha 5 (5 stocks) and Midcap Smallcap (40 stocks) in concentration. The 20-stock structure on the curated Nifty Midcap 150 universe is the lineup's pure mid-cap momentum expression. Rebalance every 2 weeks. Equal-weighted at roughly 5% each. Twenty names is enough to spread single-stock accidents and few enough that each position still matters. The screen re-ranks the whole universe every fortnight and the portfolio follows it without argument. You cannot diversify away mid-cap regime risk with 20 names from a 150-stock universe, and this card does not try. When the mid-cap segment corrects, the card corrects with it. That segment risk is the deliberate exposure, not a flaw. This is not the broad-market choice. Allcap is. This is the mid-cap-only conviction trade. For an investor who specifically wants mid-cap exposure (the 100 to 250 ranked names by market cap, India's mid-cap capex story), 20 stocks rotated every 2 weeks is the mid-cap-only expression on the lineup. This card's job is to explain what produces them. A description, not a recommendation. Decide your own allocation, or ask a SEBI registered investment adviser. #### How the rule was built Machine learning tested the signals, the number of names and the cadence out of sample. The rule that ships is frozen and published: a fixed, readable algorithm, not a black box. [The engine and the audit trail](/technology) #### Learn the mechanics * [Momentum factor](/learn/path-3/module-3-1-momentum-factor-deep-dive) * [How back testing works](/learn/path-2/module-2-4-how-backtesting-works) * [Risk metrics that matter](/learn/path-2/module-2-3-risk-metrics-that-matter) * [Rebalancing](/learn/path-4/module-4-3-rebalancing-strategies) Free Learn modules, no sign up. ### Costs0.2% per rebalance ### Costs #### One fee per rebalance **0.2%**of traded value, charged only when a rebalance trades No subscription, AUM or performance fee; broker charges are separate. [Fee calculator](/fee-calculator) [Pricing](/pricing) #### A year on the minimum Minimum capital₹90,000 Rebalances, year to 11 May 202627 Traded, about8.9 timesthe portfolio Platform fee a year, about₹1,5901.8% of capital Estimate from the model rebalance record at 0.2% of traded value; weight resets and broker charges excluded. #### Costs inside the back test Gross return+531.34%before costs Estimated costs−67.63 ptsbrokerage, STT and taxes Net return+463.71%after costs Nifty 50, same window+59.62%cumulative Model, back tested, cumulative, rolling 5 years to 27 Apr 2026. Net is gross minus estimated costs. ### DocumentsPDF, CSV ### Documents #### Download and print * **Print or save as PDF** * [PDF factsheet by email](https://www.rupeecase.com/strategies/factsheets/midcap) * [Rebalance history, CSV132 rebalances, 14 May 2021 to 11 May 2026.](/data/rebalances/midcap.csv) * [Rebalance history page](/rebalance/midcap/) * [Plain text (Markdown)](/strategies/midcap.md) * [Disclaimers](/disclaimers) RupeeCase is a technology platform, not a fund, a PMS or a SEBI registered investment adviser. Model, back tested. As of 27 Apr 2026. Model figures are after estimated charges and are not actual client returns. Past performance does not guarantee future returns; capital can be lost. ## Invest, the walkthrough Allcap, model history after charges. Model, back tested. Not a promise of future returns.Investing: Practice first, then Live 5 chapters, 0:46, no sound 1. [Chapter 1The Invest bar0:08](/instiv2/media/wt3/invest-practice-live-bar-phone-dark-v3.mp4) 2. [Chapter 2Amount and Use minimum0:13](/instiv2/media/wt3/invest-practice-live-amount-phone-dark-v3.mp4) 3. [Chapter 3Practice0:06](/instiv2/media/wt3/invest-practice-live-practice-phone-dark-v3.mp4) 4. [Chapter 4Live0:14](/instiv2/media/wt3/invest-practice-live-live-phone-dark-v3.mp4) 5. [Chapter 5Your portfolio0:05](/instiv2/media/wt3/invest-practice-live-status-phone-dark-v3.mp4) Steps in this video 1. Allcap, model history after charges. Model, back tested. Not a promise of future returns. 2. The Invest bar shows the minimum for this strategy. 3. Invest opens the sheet with the minimum as the amount. 4. Type any amount at or above the minimum. 5. Use minimum puts the minimum back. 6. Practice is chosen first. It follows the strategy with no real broker order. 7. Live shows the cash at your broker. 8. Nothing is sent until you accept the consent text and press Invest now. 9. Each portfolio shows its mode, broker and status at the top. 04Questions ## Before you commit capital. ### What is the Midcap strategy? 20 stocks from the Nifty Midcap 150. Fortnightly rotation. It selects the top 20 momentum names from Nifty Midcap 150 and rebalances every 2 weeks. ### What is the minimum investment for Midcap? About ₹90,000 (as of 8 Aug 2026), enough to hold one share of every name in the book at recent prices. The figure moves with the prices of the holdings. ### How does Midcap compare to the Nifty 50? Midcap shows a model CAGR of 38.75% against 9.80% for the Nifty 50 TRI CAGR line (Jan 2021 to Jul 2026), with a Sharpe ratio of 1.49. Model, back tested. As of 27 Apr 2026. Past performance does not guarantee future returns. ### What is the worst drawdown Midcap has experienced? 24.87% peak to trough in the model record. The deepest period ran 322 days, from 20 Dec 2024 to 7 Nov 2025. Model, back tested. As of 27 Apr 2026. Drawdowns of similar size can happen again, so size the position for it. ### What are the fees on Midcap? 0.2% of traded value per rebalance. No subscription, no AUM fee, no performance fee. About 1.8% of capital a year at 0.2% of traded value, from the published rebalance record: 27 rebalances in the year to 11 May 2026, about 8.9 times the portfolio traded (sales and purchases). Weight resets and broker side charges (brokerage, STT, exchange charges, GST) are not included. Turnover varies year to year. On the minimum capital of ₹90,000 that is about ₹1,590 a year, an estimate from the model record, not a promise. ### Can I exit Midcap at any time? Yes. No lock-in. Holdings sit in your own broker demat account and you can sell any name on any market day. Switching strategies or pausing the rebalance is a one-click action on the platform. 05Same family ## Mid and small: Midcap 150, Smallcap 250, Microcap. [All 18 strategies](/strategies/#sxPick) [Moderately HighMomentum Smallcap Nifty Smallcap 250, 50 stocks, every 2 weeks CAGR, model37.40%Max DD−22.3%From₹2.19L](/strategies/smallcap) [Moderately HighMomentum Microcap Nifty Microcap 250, 50 stocks, every 2 weeks CAGR, model37.33%Max DD−26.4%From₹2.25L](/strategies/microcap) [Moderately HighMomentum Midcap Smallcap NSE Universe, 40 stocks, every 2 weeks CAGR, model42.64%Max DD−26.2%From₹80K](/strategies/midcap-smallcap) CAGR and Max DD on the cards: Model, back tested. As of 27 Apr 2026. ### Compare Midcap with * [vsMidcap Smallcap](/strategies/compare/midcap-vs-midcap-smallcap) * [vsSmallcap](/strategies/compare/midcap-vs-smallcap) * [vsLarge Midcap](/strategies/compare/large-midcap-vs-midcap) * [vsEnergy Basket](/strategies/compare/midcap-vs-energy-basket) * [vsAllcap](/strategies/compare/midcap-vs-allcap) Explore next ## Go deeper on this strategy. * [GuideLarge cap vs mid cap vs small cap: the definitions, the record and the riskSEBI's rank rule, five years of NSE index data, and the swings that come with size.](/guides/large-cap-mid-cap-small-cap) * [TierGrowth core tier strategies5 strategies grouped by job](/strategies/by-tier/mid-aggressive) * [Blog noteMidcap: the 41 percent and the 322 daysStrategy notes, a short note](/blog/2026-07-20-evening-midcap-drawdown/) * [Blog noteThe size myth on our own shelfFactors, a short note](/blog/2026-07-21-morning-size-factor/) * [SectorCapital Goods stocksNSE sector across the 18 index algos](/sectors/capital-goods) * [StockBHEL, Bharat Heavy ElectricalsOn 9 of 18 latest lists](/stocks/BHEL) Ready when you are ## Midcap 38.75% CAGR, model, back tested. About ₹90K to start. Every 2 weeks, you approve each one. [Sign up for RupeeCase](https://invest.rupeecase.com/signup?strategy=midcap) [Compare Midcap](/strategies/compare/midcap-vs-midcap-smallcap) 0.2% of traded value per rebalance. No AUM fee, no lock in. Line: the model record after charges, as of 27 Apr 2026. Not a promise of future returns.