12000 is the next target on Nifty: Laurence Balanco, CLSA
From longer term setups and it is the Bank Nifty is the key index.

Edited excerpts:
We are celebrating the fact that Nifty has migrated from four digit index to a five digit index but if you have to really keep all the excitement aside and analyse markets technically, do you think 10000 is just a pit stop and we have many more milestones still ahead of us?
Yes, the key thing on Nifty is that the breakout that we saw earlier this year when we cleared the 8900 to 9100 area and from that our target is 10350. 10000 is a psychological round number but from a bigger picture perspective, this trend should continue with a minimum upside target of 10350 and we have longer term targets up to 12000.
Could the 12000 mark be reached in the next 12 months or do you think one would have to wait it out longer?
We do not think it will be within the next 12 months. As you have seen how this market trends, we do have pauses and consolidations that really reset the market and then seek further gains from there. It should be another sort of advance one master at a time.
The next couple of days makes it tricky but if you look at the longer term setups and what is driving outperformance, it is the Bank Nifty index that is the key index. We saw similar breakouts in 2014 from the banks which helped the market to new all the time highs and I think that is the key sector to drive the outperformance.
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