CLSA's Balanco: Nifty to Underperform, Oil to $72, Gold Floor at $4,600

• CLSA's Laurence Balanco predicts Nifty 50 will consolidate for three months, with 23,800 as a key level, and underperform other Asian markets.
• Brent Crude prices, after surging to $119.5, are expected to drop to $72 in the short term if de-escalation continues in West Asia.
• Gold prices, currently above $5,100, need time to digest recent gains; Balanco sets a floor between $4,600 and $4,800 an ounce.
• Reliance Industries shows no imminent breakout, with support at ₹1,300, despite recent profit booking and outperformance.
• Nifty IT index is in its worst downtrend in decades, down 22% YTD, and will remain so below the 31,700 level.