Excerpts from CNBC-TV18's exclusive interview with Anand Tandon

Q: What is your gut feeling, from 15,000 to 17,000, is there more upside in the near-term?

A: Another couple of 100 points on the Sensex is what we would give at this time. Obviously the technical analysts are now of the view that it has moved passed its 200 DMA and therefore can continue for a while. But valuations wise, markets still look somewhat stretched. My earlier range was 14,500 on the downside and 17,500 on the upside. It is the highest probability range we want to be trading in right now.

Q: What is a bigger joker in the pack, policy wise, the Fed or the RBI?

A: Right now the RBI is little more important. For a change there is now a reasonable difference of opinion on whether the governor would actually look to raise the policy rates or not. The raise in policy rates may actually be a trigger for a new rally that people are looking for. The case for raise in the policy rates is not that strong and given the mood in the market, it is quite possible that it maybe taken as a signal to trade up. Besides, more or less one cannot expect them to do anything, which will be dramatically hawkish. So at worst they may do nothing and at best they may do something more to feel markets. So from that point of view they are not going to do anything adverse, which will likely impact the stock market.