While Sensex, Nifty reclaimed record highs, 19 stocks rose 10-50% since April 3

In terms of Sensex stocks, Tata Motors was the outperformer, which rallied nearly 15 percent from April 3 till date, followed by Coal India, Bajaj Auto, Hero MotoCorp, Maruti Suzuki, M&M and ITC.

The momentum in the market remains strong and Nifty50 is on track to hit 12,000-13,000 in FY20, suggest experts. However, earnings will be key.

Technically, chart patterns suggest that Nifty could see a 15 percent up move going forward which should ideally take the index towards 13,000.

As we approach the crucial event of General Election 2019, the price structure of the Nifty indicates a major shift in trend direction as it recorded a “Golden cross” along with similar crossover in index constituents collectively contributing 73 percent to the index weight, ICICIdirect said in a report.

This makes the brokerage firm to reinforce its positive stance by revising its earmarked target upward at 12,800-13,000 for FY20.

In technical parlance, when a medium-term moving average (50 days) crosses a longer-term moving average (200 days) it is termed as a “Golden Cross”.

Last month, Goldman Sachs also upgraded India to overweight and placed a 12-month target of 12,500 for the Nifty.

The global investment bank raised the rating to overweight given sharp underperformance in Jan-Feb, better 3Q earnings, and a pick-up in FII positioning from lows amid rising market expectations of a potentially stable govt.

For Sensex, most of the global brokerage firms peg the target upwards of 40,000. BNP Paribas earlier in the month upgraded India to ‘overweight’ from ‘neutral’ earlier on and also raised its December-end target to 42,000 from 40,000 stability in earnings and fund flows.