If you want to know how bubbles are created then this is the example we are living in! We don't know when but it will bust and leave the economy more damaged than the previous one. There is no easy way to predict the end of market because as the cliché goes, market can stay irrational longer than you can remain solvent. Governments are not giving virtuous savers any interest and pushing them harder on precipice by forcing them to participate in equity buying regardless of merit. There will be reset and there is always one. Again the result will be burned retail investors.
Options is the best way to trade this market. Sudden outsize moves in the direction it picks up gives good reasons to avoid market for NIFTY ( Because of gaps ) and get it long via calls. And after every 150 / 200 point up move get some puts ! This market has surprised us too often to trust even though looking at S&P 500 chart it feels like it wants to run higher and NIFTY wants to scale the heights again. Only way to trade right now is to get cautiously long via options and restrict the NIFTY trading to daily settlement.