You may be aware of the many creatures moving around in the stock markets: Bulls and Bears are very prominent and every one is aware of them. There are Pigs too! Some Elephants also swarm the stock markets. They are large buyers and an Elephant Buy or Sell of equity shares or other financial assets has the potential of having impact on the price of that stock, as also on the mood of the market. Examples of large buyers (mostly institutions) making high volume trades are Mutual Funds, Insurance Companies, Pensions Funds, Investments & Commercial Banks. Interestingly, in a sense, Contrarians do the opposite of Elephants. When the Elephants buy, contrarians sell, and when the Elephants sell contrarians buys.