The NSE Nifty 50 has technically broken out, but a lack of follow-up buys has made the markets stagnant, according to Hemen Kapadia of KR Choksey Stocks and Securities Pvt.The senior vice president of institutional equity pointed out that the benchmark had been trading between 21,834 and 22,300 for the 12 continuous trading sessions."We are at the cusp of breaking out," he told NDTV Profit. "Technically we have broken out but somehow, the follow-up buys haven't come out, so that is why we look a bit stagnated over here."Kapadia said the volatility index was floating around 15 for a long time and has finally fallen below the level. He further expects it to drop to around 13.On Bank Nifty, Kapadia said the index looks strong and is on the verge of breaking out at 47,400, a probable 1,000-point upside.He recommends a 'buy' call for Bata India Ltd. at Rs 1,425 apiece; stop loss at Rs 1,405 at a target price of Rs 1,465 per share, along with a buy call for Balkrishna Industries Ltd. at Rs 2,240 apiece, stop loss at Rs 2,200 at a target price of Rs 2,320."Indian markets (are set) to hit the 5-trillion-dollar market cap before (the upcoming national) elections," G. Chokkalingam, managing director at Equinomics Research Pvt., said.Chokkalingam said the Indian markets are 5% short of the mark. Due to the expected political stability, the recent gross domestic product numbers, along with the outperformance of the rupee, will aid a bull run for the equity markets till it reaches the milestone, according to Chokkalingam.The benchmark indices ended at a fresh record, closing high for the third day in a row on Monday. The NSE Nifty 50 settled 27.20 points, or 0.12%, higher at 22,405.60, and the S&P BSE Sensex gained 66.14 points, or 0.09%, to end at 73,872.29."The Nifty commenced the week with a consolidated move, resulting in the formation of a Doji candle on the daily chart. Despite this, the overall sentiment remains bullish," said Kunal Shah, senior technical and derivative analyst at LKP Securities."A decisive break above 22,440 is anticipated to intensify the momentum, targeting 22,700 on the upside. On the downside, support is established at 22,200, presenting buying opportunities on any pullbacks towards this level," he said.Tata Motors To Spin Off Car, Truck Units Into Separate Listed Companies