Nifty may trade in range of 6000-6100 on the upside: Mayuresh Joshi, Angel Broking

In a chat with ET Now, ​Mayuresh Joshi, Angel Broking, shares his market outlook.

ET Now: How are you positioning yourself on the index per se and what is the broad view that you are taking on the market?

Mayuresh Joshi: After the recent run-up that we have seen on the market, the focus points remain on the key events in the coming week. What the FOMC will come with on Wednesday in its meetings is a key event.

The markets have already factored a 10 billion kind of a drawdown happening from September but for some inevitable reason and based on data, analytics, the chairman decides to delay the said event to a later date. The markets might take that little bit more positively and then again the RBI event following a couple of days after that, it is to be seen what the RBI Governor Raghuram Rajan comes out with. He needs to read what the FOMC minutes are saying, what the Fed chairman is saying in order to determine the course of his action in terms of either withdrawal of the earlier plans that the previous governor had imposed on banks, which got a huge amount of liquidity crunch for the system and increase the borrowing cost for most of the bankers on the wholesale side.

So in that sense, the two key events will determine the course of the market but till that point of time the markets would more or less stay in a very tight range, maybe 5700 on the downside and 6000-6100 on the higher end of the band.