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A worrying indicator for Nifty Bulls

A reading of less than 1.1 on the ratio has resulted in double-digit per cent correction for the Nifty on multiple occasions in the last 5 years except 2017.

Nifty’s rally of over 40 per cent from the March low earlier this year has resulted in a narrowing of the gap between the actual price and the analysts’ consensus target price. The ratio between the target price of Nifty as provided by analysts and the actual traded value has slipped below 1.1, implying less than 10 per cent potential upside for the Nifty as expected by analysts ...

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