Bulls pushed Indian benchmark indices to record highs in FY21 where Sensex climbed above 52000 while the Nifty50 hit a life high above 15400 levels, but the vertical rise seen in the market makes Nikhil Kamath slightly cautious.    Kamath who is Co-founder and CIO, True Beacon and Zerodha in D-Street Talk podcast with Moneycontrol said that as a fund we remain circumspect. The fund is about 60% hedged as markets seem to be trading ahead of valuations.       “With the resurgence of the second wave, we want to be more skeptical. We continue to maintain the hedge but yes we can bring it down from 60% to 50% in the foreseeable future,” he said.    For FY22, Kamath expects the market to remain rangebound between 14000-15500. But, the ideal level would be at the lower end of the range compared to the higher end of the range.    (Tune into the podcast for more) Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.