In this volatile market, where dips & bouncebacks are sharp, the directional trend is upwards. The ‘higher highs’ & ‘higher lows’ indicate the long-term bullish trend. The fundamental reason for this trend, which is global, is the abundant liquidity available in the global financial system and the Fed’s declared commitment to keep liquidity flowing and maintaining interest rates at historical lows. The takeaway from this is that markets can remain buoyant for an extended period of time. While riding this bull run investors will have to remember the fact that valuations are high and there is risk ahead. Financials, particularly banks, appear strong fundamentally: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services