Experts decode: Momentum with bulls, but book out or stay?

At first glance, does the Indian market look overpriced?

For some investors and analysts, yes, as they watch many blue chip stocks poised on the verge of breakouts. After a terrific party over the last 40 days, the Nifty has been making a few feeble attempts to take a breather in the last few sessions. The question we ask is - is the trend still in favour of the bulls or will the bears come marching back in soon? Deal or No-Deal?
The downtrend in the mood of global markets, especially the overhang on Greece, left a mark on our market today. The Sensex closed 82 points lower at 17,748 while the Nifty ended at 5381.60, 0.57% down.
European markets are wary of Greece fulfilling its debt obligations and have every right to be. The Euro region now awaits Greece