Chris Wood, CLSA said Greed & fear will make some further adjustments to the Asia and Japan portfolios.For the Asia Pacific ex-Japan relative-return portfolio, the weighting in China will be reduced by two percentage points to neutral, while the overweight in India and the out-of-the-index allocation in Vietnam will be increased by a further one percentage point each, he added.
Greed & fear's India weightage is now at 23 percent against 7.8 percent in the MSCI Asia Ex-Japan index, Wood said.
According to Sunil Garg, JPMorgan, major indices remained oversold, but considerably less than three weeks ago yet net change in index level has been modest. While oversold conditions will likely drive rally attempts, what is important to note is that the oversold status can change without much change in market levels, he said.
He said he remained concerned with the broader picture as evident on monthly charts, and continue to see rallies as selling opportunities.Within Asia, he sees incremental underperformance in Japan & India and outperformance in Korea & Taiwan. Amongst sectors, switch from consumer staples to discretionary, Garg advised.
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