Top seven Nifty50 performers since March-April lows have rallied 120-165 per cent, and all of them barring one now trade above their 200-day moving average, signalling pricey valuation.

Yet, analysts are not look too worried about valuations. Or that’s what the stock recommendations imply.

Among three stocks that gained over 150 per cent from the March-April lows, IndusInd Bank has soared 164.2 per cent to Rs 622.45 from Rs 235.60 on March 24. It still trades below its 200-day moving average of Rs 727.90 level.

Auto maker M&M has rallied 155 per cent over the same period from Rs 245 on March 25 to Rs 627 level now. RIL has rallied 154 per cent to Rs 2,210.15 from Rs 867.45 on March 23. These two stocks are trading above their 200-day moving averages.

IndusInd had 19 ‘buy’ and nine ‘outperform’ calls on the publicly-available Reuters Eikon database as of Thursday, compared to three 'sell' and four 'underperform' recommendations.

M&M had 12 ‘buy’, 19 ‘outperform’ and two ‘sell’ and one ‘underperform’ calls. Same was the case with RIL, which had 15 ‘buy’ and 9 ‘outperform’ calls against just one ‘sell’ rating.

Tata Motors, HCL Tech, Cipla and JSW Steel are four other stocks that are up 119-127 per cent from their March 19-April 3 lows. Among these, HCL had 21 ‘buy’ and 16 ‘outperform’ calls but no ‘sell’ rating.

Cipla also had nil ‘sell’ call, but 15 ‘buy’ and 14 ‘outperform’ ratings. Tata Motors had 7 ‘buys’ against 3 ‘sell’ calls. It has 8 ‘hold’ and 9 ‘outperform’ ratings. In the case of JSW Steel, brokerage count with ‘hold’, ‘underperform’ and ‘sell’ ratings stood at 14 against 15 ‘buy’ and ‘outperform’ ratings.