The log-normal monthly chart of Nifty shows that since 1991 the scrip has formed two parallel channels. The yellow one is the bigger picture of the index, suggesting that even though the trend is up, we have been hovering in the upper channel. Certainly, it is an expensive market. The blue channel, which started in 2003, the inception of 2004-07 bull market in India, is bit steeper than the yellow one. The change in slope thus suggests that we're truly in a bull market and prices have been trading near the lower channel.