Next resistance for Nifty seen at 5400: CLSA

Laurence Balanco, CLSA: Our previous review of a bullish price, momentum divergence for majority of regional markets has been reinforced with a number of markets breaking out from minor basing patterns. We continue to expect further gains into late July-early August, before the next bearish opportunity is presented. For the Nifty, the next resistance is seen at 5400.

Michael Kurtz, Nomura: Despite a positive close for Asian equities this quarter, it was the second-worst Q2 for the MSCI Asia-Pacific index since 1998. But we expect stronger Asia-wide growth into H2, which should limit the downside for the region. The Asia-Pacific equity risk premium offers substantial upside in H2 as risks subside in the weeks & months ahead.