Is this rally in Indian markets sustainable?

 Is this rally in Indian markets sustainable? 

It appears that two positive drivers for this rally is the sustained inflow of money from FPIs and the constant inflow from investors to mutual funds through contributions and also monthly SIP. These are ensuring that there is adequate liquidity to fuel the rally.

Yet another factor is the improved performance of Smallcap and midcap stocks and retail investors making money as they own these stocks in a much larger size than what they hold in large cap stocks.

Elections for the Lok Sabha are still three quarters way and the political stability is a big positive for investors from across the globe. The Indian economy is faring reasonably well in the given circumstances and it continues to be amongst the few that have a decent GDP growth.

Going forward, surmounting 20K on NIFTY will take time to happen but on