Despite the stock markets hitting record highs this year, some investors have turned cautious on equities. In fact, BofA Securities have warned that a correction is likely in the near term.

Analysis of past bull and bear phases of Indian stock markets show after a rally of about 75 weeks with an average 106% return, markets typically correct about 30% over a four-month period. Considering that the current rally in Indian equities yielded 118% returns over 73 weeks, BofA Securities sees limited further runway in light of emerging risks in near term.

So, I am in conversation with Amish Shah, India equity strategist, BofA Securities to understand what are the big concerns?