Indian stocks testing resistances – Nifty 50 @ 8996

 

Growth concerns that followed demonitization announced last november have receded and Indian stocks advance since mid december bottom amounts to around 14%. The market here represented by the Nifty 50 Index is testing the 9000 level for the 3rd time in 3 years . It never closed above this key level so far. Indian stocks might need a pause (divergences do appear on momentum / price) after a 32% up move since march 2016. Investors should remain long term bullish on this very high potential market . Two potential entry points at this stage : 1/ On a firm confirmed (more than 1 or 2 days) break of 9000 level – not my preferred scenario for the time being given the general overbought sutuation in global markets  2/ after a consolidation/down reaction – i will keep you updated on the timing should scenario under 1/ not happen before.

3 funds amongst the best performers (*) in the last 3 years :

  • Comgest Growth India $ Acc – IE00B03DF997 –         3Y : 112,2%  – 2016 :  8,1%
  • Jupiter India Select $               – LU0365089902 –        3Y : 102,2% – 2016 :  4,3%
  • Morgan Stanley India Eq $      – LU0266115632 –         3Y : 88,60% – 2016 :  5,8%

(*) Performance as of 31/12/16 – In EUR terms –

 

Nifty 50 Indian Index

Indian Rupee vs USD

Rupee successfully tested 69-70 previous bottom (top for USD) versus USD and started to reverse days after major event that represented demonetisation in India . Indian Rupee may have found a major bottom against USD (Watch 70 not being crossed) after several years of weakness.

 

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