FIIs Exit + Is Market OverSold ? Can One BUY Now ?
The market had its 3rd largest 1 day fall in 4 years falling 4% as the Government is Severely Paralyzed. Is the Indian Market Oversold ? Technical indicators including RSI, 200 DMA are getting close to but are not yet at over-sold levels. Fund manager survey indicate sentiment on India is at a lower end of last 12 month trend but not yet at extreme bearishness levels.
The single biggest factor making investors nervous on India is the currency [Well, impossible to stabilize if FII Withdraw at the rate they have done in June & July $10 Bn or Rs 60,000 Cr from Debt & Equity]. A stabilization of the currency would make us as well as investors more positive (more…)