Mkt may rally on corporate results: Analysts

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Investors on Dalal street may see a positive rally this week and the stock market can scale new heights on robust third quarter results, analysts said.

Market analysts and traders feel the bourses will reflect earning trends of the corporates even as the third quarter results started trickling in with IT major Infosys announcing better-than-expected earnings last week.

The 30-share BSE Sensex gained 245 points to close at 20,827.45 on Friday, while NSE Nifty rose 44 points to settle at 6,200.10. The Sensex also scaled a new milestone of 21,000 points last week in intra-day trade.

According to brokerage firm Prabhudas Lilladhar, current valuation of the market is likely to be sustained as economic fundamentals and corporate performances are seen as stable.

"Our view for the Sensex is it will remain in the 19,000- 23,000 band through 2008 and end at about 23,000-24,000. Our favoured sectors are banking and financial services, capital goods, engineering, construction, media and oil and gas," Prabhudas Lilladhar analyst Apurva Shah said in a report.

Among frontline companies, State Bank of India, Ranbaxy Laboratories, HDFC, ITC and Wipro will announce their December 2007 quarterly results in the coming week.