Nifty 50 Nearing A Bottom? CLSA's Laurence Balanco Flags Key Levels
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓CLSA’s Laurence Balanco and Yi Zhou flagged key support levels for the Nifty 50 in an October 23 note.
- ✓They said failed breakouts across global technology markets shifted the tactical backdrop from trend-following to range-trading.
- ✓The report showed markets are showing signs of exhaustion after recent moves across many regions.
Story at a Glance
- Category
- MARKET
- Reported By
- NDTV Profit
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
The Nifty 50's ability to hold key support levels will be central to assessing whether Indian equities can stabilise, against a backdrop of weakening momentum across several global markets. Technical signals in the US, Japan, Taiwan, South Korea and Hong Kong point to failed breakouts and the possibility of further declines, according to CLSA's global technical research.
Laurence Balanco and Yi Zhou, who authored CLSA's October 23 Price Action note, said failed breakouts across global technology markets had shifted the tactical backdrop from trend-following to range-trading. They said the sell-off was beginning to create selective opportunities, while improving breadth in the S&P 500 was keeping its large-cap breakout intact.
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