In Morningstar Conference held on 11th October, Ridham Desai had said, "We have computed the number of trading days since 1995, we've had 5,500 trading days. In that period, the index is up about 900%. The best 100 days have produced 600% of this 900% return. So, if you missed those 100 days, in your urge to time the market, you've missed bulk of the returns which the markets have produced." Goldman Sachs and CLSA Global brokerages Goldman Sachs and CLSA in their reports in October retained their bullishness on the Indian stock markets. Goldman Sachs had then raised Nifty 2018 target to 11,600 vs 10,900 earlier, while CLSA had maintained an overweight position on India. Macquarie Global brokerage Macquarie has been expressing caution the Indian market is overvalued, trading at close to 20 times one-year forward earnings, well above its long-term historical valuations of around 15 times. Moreover, it also flagged the downwards revisions to earnings estimates.