Underweight on India, prefer IT over financials: JP Morgan

Sunil Garg, JP Morgan feels 'sideways' is about as constructive as it gets on MSCI Asia ex-Japan technicals.

"We are also abandoning outperformance expectations until we see clear evidence. While our bias remains bearish, notwithstanding the October rally, we see MSCI Asia ex-Japan in a painful rangebound existence in the near term," he says.

Garg says he continues to see rotational opportunities as the main plays, with main trades being underweight on India, China likely to go nowhere, continue to prefer consumer discretionary versus staples, technology over financials and commodity sectors to remain challenged.