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** Citi sets its March 2018 target for the BSE index at 32,200; had earlier forecast 31,500 on the index by Dec. 2017
** Says Indian markets will continue to do well, given upcoming goods and service tax, strong domestic and foreign inflows apart from "decent" Q4 earnings
** "A lot seems to be priced in" given valuations of around 18 times FY2018 earnings, Citi warns
** Adds its sentiment indicator is elevated, "implying limited upside over the next 12 months"
** Says slightly lowered active weight in healthcare given challenges in sector, while financials remain biggest overweight
** IT services and consumer stocks remain large underweights
** The BSE index has gained about 17 percent so far this year, but was trading down 0.16 pct at 31096.90 on Thursday at 0724 GMT