I would be careful of markets that have performed superbly last year such as Turkey and Thailand. They are in my opinion, becoming slowly overheated. I am not so sure to what extend India is overheated because currency adjusted, we are still way below the peak in 2007.
But, in general I would argue you should buy equities when everything looks horrible and when investors cannot see why the markets would go down.
That is the time to be careful because there is always something that will happen to send stock prices down.