The Sensex and the Nifty are trading at all-time highs, with the Sensex now at 28,000 points, something one could hardly think off a year back. Here are some stocks that brokers still feel still have the potential to rally despite a sharp surge in the markets.

Angel Broking is bullish on ICICI Bank. In fact, ICICI Bank is currently trading at a new 52-week high. The broking firm feels that at the current market price, the bank's core banking business (after adjusting Rs206/share towards value of subsidiaries) is trading at 2.1x FY2016E ABV.

It has set a price target of Rs 1878 on the stock.

Cadilla Healthcare

K R Choksey is bullish on Cadilla Healthcare. The firm says that at CMP of Rs 1416 the stock is trading at 27.4xFY15E & 20.1xFY16E EPS.

"Going ahead, we believe domestic business to recover & US business to continue to show strong growth on back of niche launches. We maintain ‘Accumulate' rating with the revised target price of Rs 1480 at 21XFY16E EPS of Rs. 70.5", says KRChoksey research report.

Bharat Electronics

Kotak Securities is bullish on Bharat Electronics. "Valuations have inched up but continue to remain at a substantial discount to peer group (Capital Goods universe). If order execution rate inches up in the coming quarters, then there could be further room for valuations to rise. We remain positive on the stock and revise rating to ACCUMULATE (prior rating was BUY) in view of the sharp rally in the stock and moderate upside from current levels," says Kotak Securities research report.

Mangalam Cement

Angel Broking is bullish on Mangalam Cement.

"Going ahead we expect the company's bottom-line to improve at a CAGR of 64% over FY2014-16E due to healthy realizations and strong volume growth. We maintain our Buy recommendation on the stock considering its attractive valuation of EV/tonne of $49 (on FY2016 3.25mn tonne capacity). We have assigned a multiple of 6.5x EV/EBITDA to arrive at a target price of Rs337," says Angel Broking research report.

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