Market not taking positive cues from AAP's subsidy rulings: Deven Choksey

In a chat with ET Now, Deven Choksey, MD, KR Choksey Securities shares his view on markets:

ET Now: For the fourth day on the trot, we have had a red close for this year. More importantly, we are failing to hold on to 6200. What is causing this some sort of nervousness in the market?

Deven Choksey: It is very simply understood. The market probably is not taking very positive view out of the Delhi state government which is coming up with the kind of a subsidy based ruling, that is where the market is nervous.

At this point of time though no big sell-off is taking place in the market but a serious money if it has to come into the market, it requires the confidence and consistency in the policy.

In many of the frontline stocks we find that the headroom is relatively less and that is the reason for which you do not find too many people coming up to open up the new positions but on the other side you find that there are takers for some of the quality midcap ideas and action is shifting from frontline stocks into some of the midcap stocks.

Probably we will continue to remain in the trading range. To my mind, Nifty trades in the range of 6050 to 6350. Anywhere closer to either side of the band, you might see the action taking place.