Market may be under-estimating risks

Foreign portfolio investors have been net positive since the Union Budget

The Nifty hit another new 52-week high, rising to 8,992, a tiny improvement on the prior value of 8,982. It remains above 8,900 and continues to test resistance between 8,900 and 9,000. A move past 9,000 would probably lead to the all-time high of 9,120 being broken. 

Foreign portfolio investors (FPIs) have been net positive since the Union Budget. Domestic institutions have started selling in March. Technical trends remain positive across the broad market with advances comfortably beating declines and outperformance in smaller stocks. The retail attitude is positive. FPI buying has eased the dollar down. Rupee treasury yields have