However, more probability for the index is to remain in mid-15,000 levels or about 10 per cent higher than current levels, he said.

The financial sector reforms which are there before the government include raising FDI cap from present level of 26 per cent from 49 per cent through amendment in Insurance Act, pension reform and banking sector reforms.

Echoing similar view Reliance Capital Asset Management equities head Madhusudan Kela, 19,500 levels were possible this year but would depend if the government aggressively carries out the expected reforms.