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VN-Index is approaching the 1,880-1,900 point zone, but liquidity and breadth have not kept pace. Several brokerage houses (CTCK) suggest the market may see a pullback or short-term correction, making it more suitable to observe conditions and deploy capital gradually.
SHS views the VN-Index as still in an uptrend as it holds above 1,820 and moves toward the prior peak of 1,880-1,900. SHS notes this zone previously triggered a reversal in late February, so selling pressure could be meaningful.
SHS also highlights that short-term overbought conditions may emerge as the index rises. Breadth has not improved, with money mainly rotating around leading stocks. Persistently declining liquidity points to cautious sentiment, alongside lingering tensions in the Hormuz Strait and the upcoming holidays, which are expected to make capital more selective. SHS therefore favors maintaining positions and waiting for a pullback to look for opportunities.
CTCK Beta notes that VN-Index rose more than 13 points to 1,870.36, with demand appearing more active and liquidity strengthening. However, the number of declining stocks exceeded advancing ones, indicating that the level and quality of the rally are not fully aligned.
In CTCK Beta’s view, the rally still depends heavily on the large-cap group. This can help the index maintain its pace, but it also increases the risk of a “shakeout” if selling returns. With the long holiday approaching, funds are expected to be more selective, favoring stocks with clear standalone narratives rather than broad market adoption.
CTCK Tiên Phong (TPS) says the VN-Index continues to rise but fails to hold the day’s high due to profit-taking pressure as it approaches the strong resistance area of 1,900-1,920 points. While liquidity increased sharply, buying power at higher price levels shows signs of weakening, suggesting caution.
TPS adds that technical indicators have moved into overbought territory, raising the risk of a near-term correction. The brokerage notes that price gaps around 1,687-1,706 points could be tested if the market corrects, and recommends a patient approach—waiting for balance rather than deploying capital at elevated levels.
Shinhan Việt Nam (SSV) reports that the VN-Index is fluctuating around 1,860 and, in its base scenario, could target 1,920. SSV notes that liquidity improvement suggests demand remains when the market corrects, but the rally is currently concentrated in leadership stocks.
SSV also points to geopolitical risk, particularly disruptions at the Hormuz Strait that could push oil prices higher and weigh on the market. In this context, SSV says funds continue to favor domestic-driven themes such as infrastructure spending, banks, and construction materials.
CTCK VPBank (VPBankS) observes a Doji candle with negative breadth, indicating buying power is fading after the rally. VPBankS notes that the VinGroup group has a large influence on the index, which can cause the index to diverge from overall supply-demand conditions.
VPBankS expects the market could swing more sharply as it hits the 1,900 resistance and needs more time to build consensus across sectors.
Vietcombank (VCBS) states that technical indicators still show a positive trend, but RSI is in overbought territory, increasing the likelihood of a pullback. VCBS suggests the VN-Index may need short consolidation to solidify momentum before moving toward 1,920.
VCBS describes the market as being in a supply-demand balancing phase after a rapid rise, with money flow diverging and opportunities appearing in stock groups with standalone narratives. The brokerage recommends selecting stocks with solid price bases and deploying capital in stages when the market pulls back.
CTCK Asean says the uptrend remains intact as the VN-Index stays above key moving averages. However, it argues that the 1,880-1,890 area is no longer an attractive buy zone due to short-term overheating. The common scenario, according to CTCK Asean, is for the index to swing around this range or test lower levels before the next trend becomes clearer. It recommends maintaining balanced allocation and only increasing exposure when a clear correction occurs.
CTCK BIDV (BSC) reports that the VN-Index oscillated in the 1,855-1,890 range and closed at 1,870.36, with leadership still led by the VinGroup group. Breadth tilts to the downside, reflecting sectoral divergence. BSC says the market needs more time to stabilize and confirm the trend, and advises trading cautiously during this period.
CTCK Ngân hàng số Vikki notes that the market is still led by big caps, while funds have not yet spread broadly. However, some stocks have started to see renewed demand after declines, which could help improve breadth in upcoming sessions. In this context, Vikki emphasizes tracking money flow and selecting the right stocks rather than focusing only on the overall index.
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