Following chart shows us monthly inflow/outflow for mutual funds with sensex monthly closing prices. If you will see closely here, during bull markets fund inflows are huge and when bull market peaks out these flows are maximum and then flows keeps reducing as bear market progresses.
If you will check in October 2007, inflows were -316 Cr then 4876 Cr in November ,3075 Cr in December 2007 and 12717 in Jan 2008 when sensex peaked at 20000 and after that it crashed and fund inflows crashed too. From April 2008 to April 2014 almost for 6 years, funds inflows were very less and it only improved after Narendra Modi won elections in 2014.
Conclusion here is, we can track when there are minimum fund flows and as value investor this can be best time to load quality stocks in portfolio, at the same time one should keep an eye on when flows are picking out, as it is best time to book profits.Of course no one can time the market 100% correctly,but Mutual funds inflow/outflow can give us better picture.