Well, from a long term perspective, we will definitely create new all time highs in the next 2-3 years.
To learn more, on why long term trend for Nifty is UP, watch the below Video

Nifty is now pretty close to all time high of 6350 as of today. Bank Nifty (Most Banks) which are still around 200 day EMA might give the push for Nifty to create new highs.

Once new highs are created, it will psychologically give new energy and push for a while.

Now, the big question is, will Nifty create new Highs this Diwali?
The answer is not an easy one. Technically, Nifty needs to stay above 6100 on a closing basis to create new highs. If 6100 is broken, we may have to wait longer (May be till elections) for new highs.