7800 levels will act as a stiff resistance for Nifty: Sandeep Wagle

In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, www.powermywealth.com, shares his views on the markets.

ET Now: How are you approaching the market today, what is the call on the CNX IT?

Sandeep Wagle: I have been saying that 7800 will act as some kind of a resistance. Though the Nifty can go up a little bit beyond that. Having said that one need not be panicky and one cannot say that everything is over and we will fall down by 200-300 points. You will have this intermittent corrections of 30, 40, 50 points and the markets will be choppy. The Nifty can move in that 7730, 7800-7820 range that 80-100 point range and you will have stocks moving within that. So we will have to choose the right picks. Obviously the IT space is still looking good for more and on any bit of a correction, in IT space most of the stocks can be bought.