Market consolidation at 5850-5950 range to continue: Sailav Kaji

In a chat with ET NOW, Sailav Kaji, Director, Institutional Equity & Chief Strategist, Padmakshi Financial Services Ltd shares his view on the market outlook.


ET Now: How are you approaching the index trade?

Sailav Kaji: I believe that if we nullify two days' events, then the market was consolidating at the 5850-5950 level, post the sharp run up and I believe that scenario is likely to continue owing to one positive event and one slightly negative or below expectation event.

So I believe the market has still a momentum on the positive side, today also we have not seen a sell off which would fully negate the Federal Reserve. I believe stock specific activity will continue and we have to see whether the 5850 level is broken towards the downside before the expiry. If till the expiry we sustain and rollovers are good we will see the consolidation happening in 5800 to 5950 range.