As a follow up to my post last week on the Nifty 50 I noticed yesterday when looking at the chart that the p/e ratio got to around 22 in the initial recovery following the dot com crash. By my calculations this should correspond to a level on Nifty at about 4700. I would recommend going short inbetween 4700 and 5000 for a return to 3600 initially.
Stops could be placed over 5300.
