Buy the dip you say

I don’t get it. Most Indian stocks are insanely overvalued. But a lot of you are suggesting ‘buy the dip’ because 20-30% below all time highs. Have you checked the PE ratios? Asian paints is 47 and Nvidia is 54. Why does asian paints deserve a PE anywhere close to Nvidia? What is your explanation for any PE above 25 that is not a tech company with insane growth potential??