Nifty PE Ratio has topped out. It was 27.68 in Jan 18. On Jan.4, 2008 it was 28.22 and then it hurtled down to 13.18 in Nov. 2008. Now it is at 24.62. If it happens to slide down to 17--19, big investment may pour in. This may happen by the year end or before or around announcement of Parliamentary polls.
Also see the E-Wave count of Nifty on weekly chart to gauge the long term prospect which is being posted after a while.