08-11-2023 09:18 AM | Source: Geojit Financial Services Ltd
Morning market quote : There is no selling pressure in the broader market since FII selling is confined to large caps Says Dr. V K Vijayakumar, Geojit Financial Services
Below Quote On Morning Market 08 November 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"There are three significant trends in equity markets now: One, global markets are stable as indicated by the 7-day winning streak in Dow and S&P 500. Two, a risk on is evident in markets primarily driven by the sharp correction in the US 10-year bond yield from the recent high of 5% to 4.57% now. Three, the crash in Brent crude from around $94 to below $82 now indicates that the market doesn’t expect the Israel-Gaza conflict to aggravate into a wider regional conflict. In brief, the market construct is favourable for the continuation of the rally despite the geopolitical uncertainties.
The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs. Since the buy on dips strategy is working, retail investors are buying in the broader market on every dip. There is no selling pressure in the broader market since FII selling is confined to large caps.
The best opportunity for long-term investors is in high quality large caps since these stocks will do well when FIIs eventually turn buyers."
The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs. Since the buy on dips strategy is working, retail investors are buying in the broader market on every dip. There is no selling pressure in the broader market since FII selling is confined to large caps.
The best opportunity for long-term investors is in high quality large caps since these stocks will do well when FIIs eventually turn buyers."
Above views are of the author and not of the website kindly read disclaimer
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