There are plenty of reasons to justify 27 P/E. Just for argument sake, I wanted to list some of the reason for being cautious.
Following two charts need to watched for next 6 months. If the trejectory continues as it seems, it is not the question of if, but when (the market will correct)
10 G- Sec yield - hardened by 1% in 5 months.
Oil price has gone up by 45% in 6 months.
Love to hear counter arguments.