I somehow do not feel such an adjustment is needed. This adjustment should show the true picture of the market for an academic discussion. But when he invested in Nifty as well as in Bank Nifty, he invested in them with all their flaws and he would be carrying them with all those flaws built in.
two things went in different ways.
Technically, NS and BN are two different indices and there can only be a lead/lag comparison at best.
But by any system, they can be in overbought / oversold zones.
The TD system is dynamic is what i was explaining and it adjusts for this. In the last many years, BN was leading NS, yet they had counts in sync very often.
But by head-on comparison, BN returns were far higher in 2017-2019. This time around fall is harder. Call it beta or anything, but from TD sys counting as a follower of it, i've been able to compare them well.
that's all i meant in terms of lost lamb bcos in the 1st TD setup both were very different. ( one needs to understand the TD system to maybe get my words in the right context )