The Indian stock market has had a phenomenal run over the past four-five months, rallying about 20 percent since February lows. But a top technical analyst who had correctly forecast the move and recently said the market was in the midst of a 'raging bull run' believes the rally has more legs to go. "There is no indication to suggest the market is topping out," Gautam Shah, Associate Director and Technical Analyst, JM Financial told CNBC-TV18. "The ongoing move is something unique and special. The market has passed test of characters such as Rexit and Brexit. The best of the bull market is yet to come." In line with his previous calls, Shah continued to pick auto, banking and metal stocks as ones he would bet on but added that some FMCG stocks were also seeing "lovely" breakouts. He attributed part of the market move to the Dow Jones and S&P 500 making record highs, and said this move was "something huge". "Over the next 12-18 months, you could see the US markets rallying 15-20 percent. In such a move, India has to outperform."
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