Indian Stock markets have started the new year with decent gains. In the first week of 2008, BSE Sensex and NSE Nifty closed at their all time closing high. Midcap index is also at its all time high.

Many stocks.have touched their lifetime high. The current rally has been powered by banking and Power sector stocks. Technology and Pharmaceutical stocks have not performed well in the current rally of stock markets.

Sugar Stock Shree Renuka Sugars touched a yearly high of Rs. 1063. The stock has been recommended by Technical Analyst Mr. Ashwani Gujral for a short term with target of Rs 1300.

SAL Steel touched a yearly high. Reliance Industries, Reliance Capital and Reliance Energy have also touched a lifetime high.

Petronet LNG touched a 52-week high. Punjab Tractors has touched a 52-week high. The stock has seen a smart recovery from lower levels around 3 months back.

Opto Circuits, NDTV, Neyveli Lignite, NOCIL, RCF, National Fertilizers, JP Hydro, JaiPrakash Associates, HFCL, GTL, Cairn India, Burnpur Cement, BPL, Adlabs Films were among the stocks that touched 52-week high.

SBI touched a high of Rs 2,574. Union Bank touched a 52-week high of Rs 250.

Weizmann touched a 52-week high of Rs 88. TTK Prestige touched a yearly high of Rs 234 on Friday's trading session.

Power sector Midcap company Torrent Power has gained very nicely in today's trading session. The stock gained over 15 percent to end at Rs 263.5 on NSE. The stock touched a high of Rs 268 on NSE. TopNews has recommended the stock for long term investment.

Reliance Energy has seen a decent rise in valuation ahead of Reliance Power IPO. Most of the Reliance stocks have touched a 52-week high today.

Stock Markets are looking strong for short term. Investors should remain cautious. Right now, we will not suggest any long term investments. Intraday Traders must keep strict stop loss. As the markets have gained very quickly, the reaction may also be very sharp if some negative news comes from global markets. Long Term trend looks positive, but short term trend suggests caution for investors.