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𝛼SKbearish
Time to Fade India: BUT DON'T LOOK DOWN!
772 Views05 Nov 2024 22:52
Boomeranged on Tue, 3 Dec 2024 21:54
India's GDP grew at it slowest rate in 2 years, much slower than all economist projections. GDP grew at only 5.4% which was much lower than the RBI projections of 7%. The data confirms that falling wages, slumping company profits and high inflation are hurting growth. Economists have begun to slash growth forecasts for next year. With the Rupee falling to record lows, cutting rates will be risky.
SUMMARY
- The Indian market saw record foreign selling during October and that selling has continued this month.
- Valuations are not only stretched, they are at historically high levels with mediocre earnings growth projected for next year.
- Market breadth is narrowing and the market has declining momentum. Near-term moving averages will act as resistance levels.
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