While the rest of emerging markets sell-off in relative terms, India is holding in there quite well, said global brokerage firm CLSA on Wednesday.

Speaking to CNBC-TV18, Laurence Balanco, global technical analyst, said, "If you are looking at simple trend definitions, the Nifty is still in the uptrend. And to me, the 50-DMA (Day Moving Average) around the 10,659 area for the Nifty is key and as long as that remains intact, your immediate bias is to the upside."

According to Balanco, Indian market in dollar terms relative to the broader emerging market index, has broken the downtrend of underperformance since the 2016 highs.

“If you look at the Nifty Bank, the uptrend is still there. We are still above the 50 DMA. We have seen some hesitation at 27,000, which is just below what January highs. But even with this recent volatility, we haven't violated any of the short-term support areas or the longer-term support areas,” he added.

First Published:Jun 20, 2018 3:09 PM IST