Even though valuations are high, there is no supply and hence the market is not correcting.
Most of the index stocks as well as good quality stocks are held in long term portfolios.
There is constant demand for quality stocks coming from FIIs, mutual funds, insurance companies and other long-term investors.
All of them want stocks that they can hold for 5-10-20 years and have no intention of selling.
In such a scenario, I don't see how the market can correct. As I said, only an unexpected black swan event can take this market down significantly. It will not go down on its own.