I am absolutely in favour of SIP. The perfect answer for your discussion was given by Harish and Subir. No one can time the market. Just think that what would happen if you had invested your 60,000 rs. in one shot in month if January this year when even expert are talking about sensex will go up to 25000 mark. SIP is for those people who wants to go slow and steady. It is not a way to make fast buck.If some one have that much ability to time the market then he should directly invest in to equity instead of taking a route of mutual fund.
