Nifty can turn down sharply from these levels. Bulls need to be cautious. Bears can short around 10660 with a 30 point SL
Have not seen this degree of Nifty mgmt for a long time. High Oil, EM index meltdown, Carnage in Indian midcaps and small caps, US mkt fall, INR depreciation - nothing takes it down. Heartbreaking for India small/ mid cap investors as they compare nifty with their portfolios.
ONGC trading cheap vs crude, fair value close to 230-240 @ current crude levels. P/BV @ almost 1.0. Dividend yield of 3.4%