The surge in Indian stocks that turned the CNX Nifty (NIFTY) index into Asia’s top performer is nearing an end, according to Tom DeMark, the creator of indicators to show market turning points.
The Nifty hit a level yesterday that signaled gains are “exhausted,” DeMark said in an interview, citing his Combo indicator. The index may increase about 3 percent in coming days, before reversing course to post an 11 percent retreat, DeMark said. It has rallied 4.9 percent during the past month and closed at an all-time high yesterday.
