"I have been trading the Indian stock market for about 40 years and find that while the current market conditions in India are quite bullish, the momentum is excellent and technically the market looks very sound with higher lows and higher highs since the low in May 2012, the J P Morgan India Investment Trust (JII.L) is still trading at a discount to NAV of about 12%!! Beats me! David, you have a lot of experience in trading JII and it has been your core investment also for a long time - your comments would be appreciated."

David Fuller's view Yes, I have some thoughts on this.

Significantly, GBP has been stronger than INR, although it has encountered resistance beneath INR 90 and there was a weekly downside key reversal last week. The other factor has been caution in the UK market, leading to a bigger drift by JII (weekly & daily) following the October peak and it was at least a day behind on the recent rally which has also lagged behind India's performance (weekly & daily), although not due to currency moves recently.

I have long had some reservations about JII's management of this fund, although I am not aware of a better, reasonably liquid alternative. I am also encouraged by last week's upside weekly key reversal and especially India's overall performance since Prime Minister Singh was spurred into action in September. India has great potential to perform… and also to frustrate us with lapses in governance.