After looking at the S&P CNX 500 for India, it seems that these funds correlate directly proportionally to the stock market in India. I have to agree with you that these funds are probably overbought because they seem to fluctuate with the tendencies in the US stock market, and many analysts believe that the US market is still not over the hump. Although Jay Singh stated that India was not impacted as harshly as the US in the global banking crisis because most of the people do not use loans as investments, it would be unwise to believe that these funds will stay bullish in the short term. However, I will keep an eye out to buy some if they do fall!