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.