Looks like an earlier post was deleted. Reposting:
I created a new page : Indicators that tracks the general health of the stock market. I compare the NIFTY-500 versus government bonds (5-Year GSEC). For valuation, I compare the Equity/Bond ratio against the dividend yield of the NIFTY-500. The chart for the Price/Book is another historical valuation indicator.
I came across two indicators : Dividend/Book and Earnings/Book which appear to be correlated with the capex cycle.
To combine multiple indicators into a single number, I trained a machine learning model to predict the 200-day lookahead returns. It was trained on pre-2015 data. The last chart shows the actual vs predicted return. It currently predicts a flat to slightly positive return.
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