Ashu Madan, National Head, Religare, said people’s expectations from the Budget are high.

"Since last month's carnage in the markets, people’s expectations are high. They think the Budget will probably save a sagging market and some sanity could come on account of that. Based on that, they are building some expectations. Howerver, the Budget may negatively surprise them," he said.

Madan told CNBC-TV18 that there could be another sell-off in the market, which is running low on sentiment.

Excerpts from CNBC-TV18’s exclusive interview with Ashu Madan:

Q: We are headed towards the Budget. What is your call ahead of it?

A: I am more concerned about this event because since last month's carnage in the markets, people’s expectations are high. They think the Budget will probably save a sagging market and some sanity could come on account of that. Based on that, they are building some expectations. Howerver, the Budget may negatively surprise them

Other than that, there is absolutely no trigger in the market. The global markets are not supporting at all. If you talk to HNIs and retail, they are more wishful now.

Q: What exactly is the market expecting from the Budget? What would add up to a disappointment or a positive?

A: There is nothing that can be read between the lines that these are the exact expectations. They are just plain blanket vanilla expectations that something should come in the Budget and save the market.

At the macro level, you can say that if you and me build a hype that there would be an expectation of a corporate rate cut and if the expectation is built-in, then the positions are also built-in because of that. There could be another sell-off in the market, which is low on sentiment.

Q: Give us an idea of some of the corporate action that is likely to happen over the weekend. We have Reliance Power and the bonus issue. What is your expectation there? The stock has managed to hold on to some gains in today’s session. How do you play CBoP?

A: These are very stock-specific action that would not affect the sentiment of the market. Action will be confined only to stock specifics. On the contrary, if the market sentiment is down and low, these positive actions will also get diluted.

So, when times are not good, even actual actions do not result into a positive. When times are good, even the plans give so much positivity in the market.

Q: What would you sell?

A: I am a seller at every rise. Around Rs 5,300-5,400 is a good level. Every time we have seen a gap-up opening, that is the time to sell. We will continue to get these kind of openings. The alarming signal is the inherent weakness seen every time based on the global market. Whenever we have had a gap-up opening, at the end of the day, we almost ended negative. So, that is a matter of concern that inherently there is something wrong.

Whenever there is a pause or a corrective phase in the bull market, nobody will come and knock on your door that the bull market is over.