I'm not an expert at the market. I trade daily though. I'll only talk about what I'm doing.
1. I expect the market to face extreme indecision at Sensex 14500 Levels. I'm not staying for the ride. I entered at the 12,000 levels and have been buying all dips. I believe I donot have the capacity to absorb a 20% devaluation of my portfolio.
2. I'd venture it's sufficient for the market to reach 14700 and then spike upto 14900 intraday. Some time after that I expect the bubble to burst. 12,000 is support and below that 10,500. I hold Equity Mutual Funds invested in First week 03/2007 and I 'm letting that fall only upto 13500. If it goes below,I exit.
3. I believe people should temper thier bullishness for now and start taking profits. I'm doing so at each spike up.