India is in a longer term uptrend in both dollar and local currency terms: Laurence Balanco, CLSA

economictimes.indiatimes.com:

Laurence Balanco, Technical Analyst, CLSA, says “the Indian market in dollar terms does not look as significant as it does in local currency terms and then on a relative basis. But the key message from the longer term side is that India, both in relative terms on a dollar basis, as well as in local currency terms, is in a longer term uptrend. The longer term trend is intact and should sustain itself. It is really about picking spots where to add new longer positions.”

If I look at the world right now, equities as an asset class is at a multi-month high. Now, while other markets are in and around their 52-week high, India is the only big market which is at a lifetime high. So, where does India go? It has already hit a lifetime high a couple of weeks ago?
Yes, the Indian trend from a longer term side, the Nifty had that breakout that early in the year around June when it reached above the 19,000 zone was significant and we still got longer term targets of 22,800.

In the near term, we have seen some slowing upside, which does suggest that we will go through some kind of consolidation period. But ultimately, this consolidation pattern or sideways range that we get over the coming weeks should set the platform for the continuation of that original breakout and a move up towards that 22,800 mark.

What is your one-year price target for the Nifty and what to your mind could be the bull case and the bear case?
We do not carry 12-month targets because we rely on the price action from the charts.

So the breakout that we saw in July when we moved through that 19,000 area still gives us that 22,800 upside target. It does not give us the time horizon that we get within that but that is the target that we focus on from that breakout.