Why Indian Markets Are On My Radar
First of all, look at what is happening in the currency. Here are India Rupees breaking out against the U.S. Dollar out of a multi-year downtrend. This is a powerful breakout that is likely leading to gains further long in 2017:
INR/USD
Next, here is the NIFTY 50 breaking out to new all-time highs above the former overhead supply from 2015 and 2016. New all-time highs are not a characteristic of downtrends:
NIFTY50 $NSEI
Here is the NIFTY500 priced compared with the NIFTY Bank Index showing how closely they move together. Both of them are breaking out to new highs:
NIFTY500 & NIFTY Bank Index
This is a market we want to be watching. I will be providing a lot more interesting analysis that I've been putting together on stocks from India in the very near future.
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Cheers,
JC