The Indian Nifty 50 index has rallied strongly this year. From the 2010 peak, it looks to be trading correctively downwards inside a trend channel. The corrective nature of the decline implies an eventual move to above the highs of 2010. A break above the topmost trend channel line would indicate an increased potential for that move to be underway. Of all the global markets that I have studied, the Indian market provided the best returns for Australian investors in the decade leading to July last year.