Here’s a look at where value has developed in the Nifty from 2010.
The green shaded region is where the Market traded about 70% of the time in that year.
As you can see from 2010 that region has gone sideways which means the market more or less accepts these 1000 points as fair value for the index over the long term
There was evidence as we moved from 2012 to 2013 of a slight shift higher into the upper end but the range is still intact,