Rahul Sharma of JM Financial Services, in an interview with CNBC-TV18, said he has been waiting for some sort of a trigger for the markets to come out of the current consolidation.

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On markets, Sharma said, “Now, the good thing that has happened is that volumes are back on the Nifty, around 20-day high volumes is what Nifty Futures have traded today.”

On Nifty, he said, “Clearly seeing the technical structure of the market, in June we had the Nifty creating base around this 15,450 mark and then in the first week of July we had 15,635 as a support for the market."

"As of now, the structure is still intact unless and until we break the 15,635 level and there is a good chance this dip also gets bought into. Broadly things seem a bit cautious yes, but at the same time unless and until these levels are broken we are not advising clients to be very aggressive on the short side.”

He added, “Banking index was one which was attempting to break out and then again it has gone back into a shell. We had IT index do well so IT index is the one that has held out today particularly because the result season is on. From a trading perspective, IT looks like a very interesting play on the long side.”

“Broadly, from the sectoral front, I think it will be a mixed bag. As of now clear indications are there on the IT space which looks good for a trading bounce back.”

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(Edited by : Bivekananda Biswas)