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It is start of a re-rating for emerging markets and the positive trade is to move out of international assets into emerging market assetsTo discuss the many reports that are saying there could be a melt-up in the big global markets before there is correction, CNBC-TV18 spoke to Laurence Balanco of CLSA who have been reading the charts of these markets and some other indicators.
Balanco said expect a 3-5 percent pullback in the near-term but not a big correction, adding that one should treat this correction as a buying opportunity.
However, avoid chasing momentum in the near-term, he said.
With regards to Indian market, he said the Nifty is currently in a trading range. He has a target of 12000 on the index for H1CY18 and target of 31000 on the Bank Nifty.
He said it is start of a re-rating for emerging markets and the positive trade is to move out of international assets into emerging market assets.
Talking about other asset class, he said resistance level for crude is around USD 60 per barrel. For gold, the upside target is USD 1800 per ounce in the medium-term
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