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Looking at the way the earning season is going I feel that there could be downfall in markets which can wipe off entire gains, anyways the 10 years average historical PE of Indian markets is around 17.8x but below its peak of 25x. I see Nifty levels to cool off around 7,400 - 7,600 and then the new wave of bull market should start which I hope will be on back of the strong investments by the corporates, double digit IIP, lower inflation, strong earnings growth and hopefully GDP number of 8.5%.. So friends just be cautious and start booking your profits because we can see a sell off within 3-4 months.. Buy fundamentally strong stocks and keep a strict stoploss of 8 % ..Till then happy Investing !!!