In today’s briefing:
- Nifty the Clearest Short in Asia
- Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary
Nifty the Clearest Short in Asia
- We are lacking short ideas in Asia given we are long most markets. India presents a fresh short idea after failing at trend and price resistance.
- The failure at trendline and 18,200 price resistance was touted as a bearish turn. We have now formed a bear flat that is set to break lower.
- Macro: Remains bullish and we will probe for a long at 17,500/300. 19,470 is our macro bull projection.
Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary
- 2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside
- We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI
- We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations
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