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Navneet has rightly hit the chord, when all the investor heading with a question tag of, Is there a Correction due in market? If in any case US Fed trigger for a rate hike in 2016, this will dry up the liquidity from Global Equity market and a heavy correction can be seen. Same time when I am looking for Nifty long term PE , it touching 25 mark which is usually an approx 10% correction trigger mark, however due to negative yield in global bond market money moving to EM and NIFTY PE can sustain for a short while at this time. The key thing to watch now is " Any bad news in US market will actually a Good news for global market" i.e if Job, factory out put etc in US show negative trend, this will force Yallen to postpone rate hike, which will give another support for this global rally.