The market could be going for record highs and the Nifty is likely to test 12,400 in the short term, says stock market expert Jai Bala of cashthechaos.com.

The government's announcement of the corporate tax cut has led to many brokerages raising their targets for benchmark Nifty and Sensex.

Viktor Shvets, MD and Head of Asian Strategy at Macquarie Capital, is of the view that corporate tax cuts are least efficient tools in stimulating demand, employment and investments.

Indian benchmark indices BSE Sensex and NSE’s Nifty 50 are set for a strong start on Tuesday as investors cheer the government’s proposal to cut corporate tax rates to boost the economy. The two indices surged over 8 percent in the last two sessions. Asian shares traded little changed, while US futures rose over hopes of progress in US-China trade talks. At 7.27 AM, the SGX Nifty futures traded 80 points, or 0.7 percent up at 11,681, indicating a positive opening for the Sensex and the Nifty 50. Here are the top stocks to watch out for today: