The beauty of the markets is that nothing strikes without a warning. Be it the default by Vijay Mallya or the bankruptcy of Satyam computers or the conflict of interest case in ICICI; the story is always the same. The market gives an early warning signal in a number of ways. For example, the market signal could come in the form of lower P/E valuation despite robust profits. Alternatively, the signal could come in the form of price weakness even when the other stocks in the sector are giving positive returns. Signals also come in the form of spurt in volumes and at times even as weak volumes…