Indices are showing no sign of weakness, but it is best to retreat to the sidelines

Indian stocks displayed great resilience over the last two months. Even as rich valuations, lacklustre earnings growth and weak readings on the economy made analysts repeatedly issue warnings, stock prices held on to higher levels.The consensus is now veering towards a view that the slow-down in earnings caused by demonetisation and GST are now behind, and growth will pick-up in the coming quarter...