A stunning 100 point rally in the Nifty saw the benchmark index close at 6175. The all time highs are at 6357.10. So, all we need is just a little bit more.
Meanwhile, the U.S. markets are continuing to remain in a range - no 2% rally there! We must have become decoupled, such that the Nifty can sustain a trailing four quarter PE of 25.54 (this is still lower than the PE of 28.29 recorded on January 8, 2008 which was the day on which the high of 6357.10 was recorded.). What this means is that a bubble that is building up has some more room to go before it actually bursts. But the day of reckoning is coming. Why? Well, a well known indicator has given a signal today. I went for a haircut, and, the technician in the saloon said that he is going to invest Rs 1500 per month in shares and he is not worried about ups and downs in the market. He will just keep on putting the money. It seems that the stock market rally is slowly influencing the retail.
Bloomberg-Utv has an interesting website: http://www.bloombergutv.com/ where trading calls given by analysts on different TV channels are recorded. This is interesting since you get a number of trading ideas from many TV channels at one place. Have a look.