Going forward, with the quarterly report cards of several companies still to be released over the next 10-15 days, earnings will have to be closely monitored, as valuations of several companies are at considerable premium compared to their historic average. Moreover, while the bulls have so far not displayed any signs of letting the control go off the market, it is also important to bear in mind the factors, which could send them running for cover. The key amongst these are 1) the escalation of geopolitical tensions; 2) recovery in earnings is now critical for India Inc. if the current market valuation of ~19x FY18E earnings is to sustain, which is already factoring in a 15-16% earnings growth; 3) a normal or above-normal monsoon. Thus, to conclude, while our medium-to-long-term outlook on the market continues to remain positive, investors/traders should be ready to take market volatility in their stride.