Standard Chartered Wealth Management is overweight on global equities, Daniel Lam, head of equities and derivatives strategy, told CNBC-TV18. Lam also said that the firm is neutral on the Indian equity market.
He said, “We are neutral on India but since we are overweight ex-Japan across all the equities globally and we are overweight equities overall and we have a preference for Indian markets.”
“If you look at the levels of Nifty, so far it has broken the resistance level and it is likely to be testing on the upside around 18,000 level. So, short-term there is still some upside in the Indian market, but the 18,000 level is a level to overcome,” said Lam.
He further said that global economic recovery is still on the uptrend and therefore, the firm prefers industrials and energy space when it comes to global markets.
He said, “We do believe there is an upside to equities and it still offers more value than fixed income for example, but you have to be in the right sector. So our preference is going to be on the energy sector, industrials.”
For the entire interview, watch the accompanying video
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