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The correction for the market is not coming because people are expecting it and if one were to look at bull market corrections, they usually do not follow predictable pattern – they come when they are least expected and they are very sharp but not protracted.
Moreover, the other factor that could be preventing a correction could be that mutual funds are continuing to see huge inflows and if one looked at the buying pattern of the last one-month of these large MFs they are buying 8-10 largecap names, the MFs are getting so much money but they cannot deploy that into midcaps because of valuation concerns and so they are buying the ITCs and HDFCs of the world.
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