The nifty trades around 5663 today, reflecting the P/E of sub 22. Analysis shows that the market had traded below 22 only on 30% of the days last year. So, based on 2010 data, the Nifty is correcting from expensive region.
Is it cheap enough at current levels? Are market headed further south? I do not know. But, I think it makes sense to start accumulating from these levels.
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