A significant feature of the ongoing bull market is its ability to bounce back from dips. This makes the buy on dips strategy successful. The bounce back happening now is being led by IT and supported by autos and pharma even while Bank Nifty continues to decline. The fact that new leaders are emerging to take the market forward indicates that the uptrend is intact and new record highs are possible soon.An area of concern is the excessive speculation in low-grade stocks where many are doubling in a few days. These excesses of a bull market warrant caution. Investors should stay in the comfort of high quality stocks.