Are we seeing a sustained recovery from the current market rally?

Nope..

The damage is big enough to recover in a year or two. However, the current recovery is V shapes one and its not necessery to correct from here with higher volatility. 

Another possibility could be the consolidation around these levels for a prolonged time when mid-cap and small cap industries will prosper. No doubt, commodities will retreat first along with the major realty.

No the recovery is based on less turover of combined BSE and NSE.Turover reflects the investors inclination towards investment at these levels.Risk is always their but that does not mean to commit sucide.The market and the individual scripts had a such higher valuations and the upward rally similar to the one in Nov-Dec 2007.The market is over heated and invesotrs are skeptical after loosing soo much in previous year 2008.The market demands some correction in the valuation of the scripts so that they can get some relaxation of doing investment.In other words some acceptable level from current levels to do investment.

It is difficult to say whether what we are seeing is a sustained growth or not, as the market was given a fresh lease of life after all the meltdown we saw, it was the financial bailout plan which brought back the market to normal, and that is what which restored confidence back. So according to me it would be fair on ones part to be alert, as commodity prices going to come down later. So it will take a year or so to see good numbers interms of GDP growth and then on we can see a sustained growth. What do you say guys. share your views also.