Stock Market Today: New lifetime high for Nifty today, says Anil Singhvi; FIIs to boost index to 13,500 in December
The Market Gurus advice to investors is to not buy at top levels and instead wait for the markets to come down. It has been many days since the buying by FIIs has come in three digits. Over the last 21 days, the FIIs have bought Indian Equities worth Rs 70,000 cr
Stock Market Today: What should be the investors' takeaway from the selling activity by the Foreign Institutional Investors (FIIs)? Zee Business Managing Editor Anil Singhvi said that the development was interesting, however, it should not be seen as an end to the FII investment. It is a single day date, he added. Drawing a parallel with a general fall, he explained how there was often a tendency to believe that the market top has been achieved based just on the surmise of a single fall. But yes, the FIIs are showing some restraint, he further said.
The Market Guru's advice to investors is to not buy at top levels and instead wait for the markets to come down. It has been many days since the buying by FIIs has come in three digits. Over the last 21 days, the FIIs have bought Indian Equities worth Rs 70,000 cr.
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On Wednesday, the FIIs bought worth Rs 357 cr in cash markets while stocks worth Rs 460 cr which takes the total tally to over Rs 800 cr. Meanwhile they sold index futures worth Rs 1080 cr. There are fewer shorts in this while more profit booking in rally. It is all right for FIIs to do some profit bookings at 13,000 Nifty levels.
He said that the investors should keep an eye on the markets for the next 2-4 days.
The Managing Editor had earlier highlighted that the inflows were quite significant in the November series and it would be interesting to see how the December series pans out. The reason behind this performance was the hope that the weightage would increase due to the rejig in the MSCI index and which happened also, he said.
A Rs 70,000 cr inflow is a dream and that cannot happen every week, Singhvi said. Even if the FIIs put is RS 25,000 cr in this month, Nifty will see the 13,500 levels, he opined.
Nifty made closing highs on Tuesday and Wednesday and the lifetime high is 13,145 which the Nifty made on 25 November. It is quite likely that this level will be breached today with Nifty making another lifetime high.
He also cautioned investors of some profit booking today if the market made a lifetime high for the third day in a row.
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Singhvi said that the investors should wait for the right levels to start buying again.
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