The Relative Strength Index or RSI, which is a lead indicator and often denotes 'overbought' and 'oversold' condition of the market, is currently in the "overbought" territory. The Nifty Put-Call-Ratio, PCR, too, stands at one of the highest levels seen thus far, indicating the grossly overbought nature of the market on the shorter timeframe charts. The US-10-year yields are currently showing strong positive correlation with the Nifty, which is an aberration, as historically they have always enjoyed negative correlation with the Nifty. This positive correlation, too, is seen peaking out. Major sectoral indices are still relatively outperforming the Nifty, but they are losing the relative momentum and relative strength on the weekly charts.

Source: Economic Times January 25, 2018 09:11 UTC