The market remained cautious about adverse news-flows of COVID-19 vaccine trials, an increase in Sino-India geopolitical tensions and a sharp sell-off in US equities. 

Recent data shows some up-tick in activities as suggested by e-way bills data, railway freight data and digital banking transactions, even as daily COVID-19 cases continue to increase. 

FPIs sold equities worth $528 million over the past five trading sessions while DIIs sold $109 million worth of equities in the same period. 

While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic MFs. 

Nifty unlikely to touch 9,700 until it crosses 9,400 hurdle; falling VIX  supports 'buy on dips'

Valuations are not supportive either. So, investors need to be prepared for a minor correction or a side-ways market, going ahead. There are some pockets of value in small-caps, but one needs to be selective.