Deven Choksey of KR Choksey Securities says that the market is expected to remain subdued today. He adds that since global pressures have halted, there has been some profit booking by FIIs.

He feels that markets will remain rangebound next week. If the Sensex crosses its important resistance level of 11,330 then there could be further upside next week.

Excerpts from CNBC-TV18's exclusive interview with Deven Choksey of KR Choksey Securities:

Q: Markets have almost reached 11,500 levels, do you think it will still go up?

A: I think the trend has not yet halted, the recovery, which started after easing of global pressures on the rate and crude hike, is continuing. Maybe it halted yesterday due to some amount of profit booking, which we have seen from most of the FIIs.

We believe that the Friday factor may play some role today and markets may remain somewhat subdued, but that is not taking away the opportunity for the next week wherein markets are likely to remain once again range bound. But at the same time, on a strong bias, we believe that 11,330 levels on the Sensex is quite crucial at this point. If it holds, then definitely next week there will be some further upside.

Q: Midcaps have really come out and performed, but in terms of retail sentiment now, are people really coming back to the midcap space or are they looking at these rallies to exit those stocks?

A: People have so far experienced an exit from the market. At this point of time, there is a lot of enquiry on stock picking and people are definitely asking for some value stock picking. From our side, we have to recommend those ideas to investors and definitely when there is merit, then these stocks are picked up by investors. As of now, the trend remains quite positive for them to consider the midcaps in their portfolio.

Q: What about the commercial vehicle stocks? We saw a good move in Ashok Leyland yesterday and Tata Motors also looks good? What have you been telling your clients on these two stocks?

A: Tata Motors of course as a story is known f or quite sometime now and the actual implementation is getting started. They are listing their subsidiary companies wherein Tata Motors would have the valuation definitely in excess of about Rs 200 per share in that subsidiary valuation. So whatever the component, which is getting listed that company tends to benefit to that extent. Apart from that the core business itself is doing quite well both the commercial vehicle segment as well as the car segment which is true.

Even for Ashok Leyland, the commercial vehicle sector is doing well and is likely to continue this trend given the kind of growth in economy. So all in all put together, we have suggested to investors that this company should be held in one's portfolio. There maybe some amount of correction in price because of the rapid movements, otherwise during the course of the year we should be holding this particular investment in the portfolio.

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