In today’s briefing:
- Nifty Top Zone for a Pullback
- HSI Index, HSITECH Index, Hong Kong Stock Exchange, and China Unicom
Nifty Top Zone for a Pullback
- Nifty’s near linear rise much like drives in January and March that turned on a dime. Once a top was in, the Nifty turned down hard.
- RSIs are extremely overbought and have formed rising wedges that show risk of a sharp turn lower as in previous cycles.
- Nifty banks kissed the 39,500-sell resistance and showing relative lead weakness versus the Nifty.
HSI Index, HSITECH Index, Hong Kong Stock Exchange, and China Unicom
- The market pivoted late last week from there will be no PBOC rates cut to there being much more Monetary Policy support needed.
- The pivot was the sharp slowdown in Aggregate Financing, Industrial Production, Real estate, and Retail Sales. All it took was a 10-bps cut in one-year MLF.
- Meanwhile, Hong Kong saw HIBOR continue to rise even with currency strength.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
