Long only FIIs, domestic institutions still buying: Choksey

Whether it is the end of market volatility is a million dollar question according to Deven Choksey of KR Choksey Shares and Securities but in the domestic market one is not witnessing nervousness, and at the institutional side too there is buying happening at lower levels. Therefore the Nifty is likely to take support around 8000-8100 levels and may not go down below that in the near-term at least, says Choksey.The long only foreign institutional investors are still buying good quality stocks but it is the trader FIIs who are not so positive the market thinks Choksey and if they sell off then market may go down further.Yesterday, it was a choppy day on the Dalal Street but benchmark indices managed to recover from the day's lows, Nifty lost 11 points but closed above 8200. However, US market S&P 500 closed at a record high on dollar weakness & calm bond markets.Choksey believes the recovery in the market and economy is on an uptick but may not be visible all-around, and there is still time before demand in all consumer goods to pick up but maybe closer to festival season one could see a pick up. So, overall things look positive, says Choksey.He is still bullish on top rung public sector banks on back of improvement in credit offtake than the second rung PSU banks. The worst seems to be over for them, says Choksey.Meanwhile, the auto ancillary space according to him seems to have run ahead of time and valuations are very expensive, so it is difficult to add them to ones portfolio. For eg valuations of Bosch, Bharat Forge are very high and if there is a correction then one can enter these good quality names, he says.