Is this the right time to invest in mutual funds ,i heard that right now the sensex is up, so lesser shares?

HI , do i wait till the sensex is down for investing in mutual funds , so that i get more shares for the money , i am planning to invest in SBI Magna Tax gain plan ., or should i not bother about the sensex .

Attempts to time the market are futile. Instead, try investing your money bit by bit, month by month so that your cost averages out. If the market goes up, you'll still get gains, if the market goes down, you'll continue buying shares at a lower cost until it goes back up again. It's called dollar-cost averaging.

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