While it is difficult to judge whether this phase is the Correction Phase or the Impulse Phase, we have to know the principle "be greedy when others are fearful and fearful when others are greedy" !
We have the statement of the RBI Governor that the market may drop drastically. There are reports by some American experts that the market may react sharply. By considering the problems in Gaza, the civil war in Syraq ( Syria and Iraq ), one becomes careful. Vigilance must be exercised. It is true that the Market is booming due to the Modi Factor, it is also possible that the Indian GDP, both nominal and PPP, will become threefold in 10 years ! And that the Sensex may zoom to 35 K ! With a pro Market, pro FDI Government in place, India can only go up.