Equities: Q210 Outlook

Underpinned by a dynamic macro recovery and, more generally, positive EM sentiment, Indian stocks are on the march. The benchmark Sensex index pushed 1.3% higher to trade at 17,383 on March 16, and the strong daily close is particularly encouraging. Should we see a push above the Q409 left shoulder, and a burst through massive resistance at 17,750 (the 2010 peak), we would take this to be a pretty bullish signal, boding well for a move back towards all-time highs. On the contrary, a 'lower high' close this month would suggest fading momentum for the bourse, putting short-term support at

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