As Nifty stays steady above 18k, Raamdeo Agrawal says, ‘Downside is limited, upside is pretty good’

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Ace Investor Ramdev Agarwal believes that the downside for Indian stock markets is limited and the upside looks “quite good” even as the Nifty looks set to move further from its all-time high.

Chairman, Motilal Oswal Financial Services Ltd. said business today that resilient markets are indicating that “not only the Indian economy but also the markets are strong”.

“FIIs are now scared of retail power,” Agarwal said, referring to the phenomenon of increase in retail participation in stock markets since the lows seen in March 2020 due to the Covid pandemic.

Aggarwal, however, said, “The markets are fair priced, but not cheap”.

The veteran investor said, ‘I have spent 40 years in the markets. The kids who are ruling the markets these days have not seen a low priced market.

Meanwhile, Indian stocks gave up early gains on Wednesday as investors remained cautious on the trading impact from the COVID-related lockdown in China ahead of the minutes of the US Federal Reserve’s November policy meeting.

The benchmark S&P BSE Sensex rose 0.28% to 61,594.10, while the NSE Nifty 50 index gained 0.25% to 18,289.40. Markets rose up to 0.5 per cent in early trade.

Read also: Ramdev Agarwal says Nifty likely to be around 17,000-18,000 by end of 2022

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