Higher highs and higher lows are clear indicators of a strong bull rally. This is happening now in the Nifty which has set four days of record highs. Net institutional activity has turned positive with both FIIs and DIIs turning buyers.The US 10-year bond yield declining to 4.21 % may nudge FIIs to buy more. This is pushing FII-heavy stocks like HDFC bank and ICICI bank which have more room to appreciate since their valuations are fair.Economic news continues to be positive. Net direct tax collections have shot up by 21%. More importantly, advance tax collections have increased impressively by 27.38 % reflecting robust economic activity.In brief, it is advantage bulls.