Dimensions Corporate Finance on Thursday said band-aid solutions, which was announced by the union finance minister Nirmala Sitharaman to kickstart the economy is not working.

In an interview to CNBC-TV18, Ajay Srivastava, chief executive officer, said, "Today the realisation has dawned on the market that with the direct tax collection numbers, there is no hope for any kind of fiscal stimulus to come through of any kind."

Srivastava believes that the market will go below 10,600, "Index is not relevant. I think at this point of time what you are worried about is that your portfolio bunch of stocks, how badly they are doing or not doing. 10,650 is going, but I think the key issue is what will be the constituents that will take it down and that is a worrisome part."

“You are looking at headline stocks going down. Reliance Industries is in deep trouble at this point in time. HDFC is looking extremely wobbly and that stock used to be the strong man of the pack. HDFC Bank is also looking wobbly. The only good part is Nestle, Hindustan Unilever, Titan and Interglobe Aviation stocks are holding firm to that extent. So, there is a small element of market holding firm, but the big boys, that is where the trouble is coming from,” he added.

"There is a realisation in the market that RBI’s ability to get interest down is limited. Historically, if I remember, our rates have been the lowest ever in 2009, somewhere around 4.75 percent. We are at 5.4 percent. So, even on RBI perspective, I do not think they have too much to go in terms of bringing interest rate down," Srivastava said.