Put four monthly charts next to each other and you get one of the cleanest splits in global equities right now. The two largest economies in Asia are going nowhere. The two chip exporters are going vertical. GDP says one thing; the tape says the opposite — and the tape is the one with your money in it.
Market
Level
Day
The read
India — Nifty 50
23,989
+1.87%
Range-bound 18 months
China — CSI 300
4,884
−0.16%
Structural sideways decade
Taiwan — EWT
103.79
+0.98%
All-time high, parabolic
S. Korea — EWY
210.00
+2.03%
Vertical off a multi-year base
India — Nifty 50: a market resting, not leading
A spectacular bull run from ~8,000 in 2017, then nothing. For roughly the last 18 months the index has churned inside a box, about 22,100 to 27,000. The slow stochastic at 40.74 is rolling over — a market resting, not leading.
Figure 1. India — Nifty 50 ~23,989, resting inside an 18-month range. Source: Barchart (monthly).
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