The targets for the index have been revised upwards due to an upward revision in the 15-year average PE (18.8x) with an EPS of 1,342.
Technically, we need a strong closing above the levels of 22,124 to initiate fresh longs. With ADX near historic highs and weekly RSI divergence, I'm not comfortable to enter fresh trades here. Even on Tuesday (February 27, 2023), the market breadth remained very poor, and more than 53 percent of stocks were trading 3 percent or lower.
At present, there is a froth in the valuations of mid-caps and small caps; however, large caps are fairly priced to be added to any dips. Midcaps are trading at a price-to-earnings ratio of 27x, and small caps are trading at a price-to-earnings ratio of 33x.
Such high levels are not at all comfortable for making an investment.
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