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India’s Most Popular Stock Index Is Nearing A Hugely Bullish Level

Wednesday, February 22, 2017 12:35
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From Taki Tsaklanos: One of the markets we expected to outperform in 2017 is the stock market in India. After nearly two months in 2017, the Nifty 50 Index — which is the leading India stock market index — is about to challenge the magic 9000 points level.

A break above this price point will lead Indian stocks much higher in 2017 and 2018.

India stock market ready to break out

InvestingHaven’s analyst team is proud on its track record in identifying India as a juicy investment opportunity, already more than a year ago. See the articles below:

India Stock Market Outlook For 2017 (December last year)

The Indian Stock Market Should Be Watched Closely In 2017 (January 2017)

How High Can The Indian Stock Market Climb In 2017 (October last year)

India Stock Market A Strong Buy, Much Higher Prices Coming In 2016 (June last year)

It’s Official: India Stock Market Breakout Is For Real (May last year)

Is It Time To Buy India Or Other Emerging Markets? (March last year)

India Stock Market At An Inflection Point. Is This A Lifetime Buying Opportunity? (February last year)

After nearly 2 months in 2017 the Nifty 50 Index (leading Indian stock market index) is about to challenge the magic 9000 points level. This is a very important price point because it coincides with all-time highs in India. A break above this price point will lead Indian stocks much higher in 2017 and 2018.

Interestingly, this is the third attempt to break out. Investors typically consider that three attempts are required to clear secular resistance levels. InvestingHaven’s expectations are that the 9,000 points level will be cleared given the very strong chart setup and bullish momentum that the price chart manifests.

The iShares MSCI India ETF (BATS:INDA) was trading at $29.62 per share on Wednesday afternoon, down $0.04 (-0.13%). Year-to-date, INDA has gained 10.48%, versus a 5.69% rise in the benchmark S&P 500 index during the same period.

INDA currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #3 of 80 ETFs in the Asia Pacific Equities Ex-China ETFs category.

This article is brought to you courtesy of Investing Haven.

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