Are the Indian markets looking fairly priced and now looking attractive? or market will go to 17000-17200

although They look better priced than what they were at the start of the year. If you look at the region in Asia, Indian stocks and Taiwanese stocks are at similar valuation multiples on the one year forward earnings. The bigger challenge for Indian markets is that while the third quarter earnings have been ahead of expectations, the outlook has gone down a bit and, therefore, you are seeing down revisions as far as Indian earnings are concerned. You have only seen about 2% drop in earnings estimate for 2012 and the earnings downgrade cycle is still not over. So you might see more earnings downgrade as we get into the fourth quarter of this year. Maybe at that stage, when the earnings have been downgraded, the markets look fairly valued. But I do not think the macro concerns are fully reflected in the price at this point in time yet. RBI still needs to hike rates more aggressively. Inflation is still not coming under control and more importantly, the government needs to convey a message during the Budget about its fiscal stance.  Market can tank more