'Skeptical of Nifty touching 5400-5500'

In a chat with ET Now, Sudip Bandyopadhyay, Managing Director & CEO, Convexity Solutions, talk about the market trend.

Can we carry on the momentum from here because a lot of people are now talking about we probably knocking on the doors of 5400-5500, not too much of downside seen, you agree?

I am bit sceptical at this level. Few things have happened which are very good like the US employment data which is expected to come. It is likely to be on lines of analysts' expectations. European markets are holding up based on those expectations and European economic numbers which are coming are also good. So these are the positive things for the market. The confidence of China, there were whole lot of talk about there is a problem in China, they are trying to do something which may not be good for the economy but all this gets negated by the fact that Agricultural Bank of China is coming with an IPO of US$30 billion. That is going to be the largest IPO in the world. So China is confident and their economy is roaring. So all these are positives for the market but as far as Indian markets are concerned, I am bit sceptical that probably it cannot continue to run the way it has run in the last few trading sessions. There will be profit taking, there will be corrections with problems in Europe have not really disappeared. They are still there lurking in the shadows and we will again see little bit of profit taking, uncertainty creeping in shortly maybe during next week and the market will continue to move sideways. It is not that market can continue this unidirectional move upwards any longer.