Indian benchmark indexes continued their upward march, ending the January series today with 9.5 percent gain, and catapulting equities to fresh all-time highs.
Looking forward, analysts expect the upward run to continue but warned a rally may interspersed with bouts of volatility or consolidation.
"We are in an uptrend. The only question is will it go into a consolidation or choppiness phase? Probably it will," said technical analyst Sudarshan Sukhani.
The January series was dictated by an ongoing change in consumer, business and investor sentiment, said Devang Mehta of AnandRathi. "The decisions taken yesterday – on the Vodafone transfer pricing case, 3G spectrum and divestment -- they all point to it."
He added that while he expected that the uptrend to continue, his only worrying aspect was the non participation of mid- and small-caps in the recent rally.
"The February series will be mixed. I think bulls will be in action for the first week. From thereon, it will be decided on what happens when the Budget session of Parliament begins. Finally, in the last few days, expectations will start soaring in the run-up to the Budget," said P Phani Sekhar of Karvy Stock Broking.
Sekhar added that he would invest in sectors such as IT, pharma and financials (but only on the private banks said). "If something concrete happens in the Budget to kickstart public spending, we could look at some of the infra plays, maybe the PSU banks."
United Spirits , which is up 26 percent in the past one month, may continue its run, Sukhani said. "Another solid performer, HUL , however, may consolidate," he added.
In the auto space, Sukhani said he prefers Maruti Suzuki to Tata Motors (another solid performer this month) for February.
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