ET Now In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, talks about the market and some stocks. Excerpts:
ET Now: How are we positioning ourselves for the week going ahead?
Sandeep Wagle: I would continue to maintain the same momentum -- 7800 to 8000 -- on the Nifty. I do not see 8000 being broken. I would say 7800 would act as a very strong support and there will be stock-specific moves. So, I would be stock specific.
ET Now: 14% for the week gone by and it is a weak stock already. How much more for an Adani Power?
Sandeep Wagle: It has fallen almost 30% from the top of the move, from the high and I still see another 10% to 15% down on all the stocks, be it Adani Power, be it Tata Power, be it Reliance Power. I do not see any bit of a move upside, or any bounce back of 3%, 4%, 5%. Beyond that that would be an opportunity to sell.
ET Now: Names like BEL, BEML, what a significant appreciation we have seen this week. Anything that is looking good for a trade come Monday morning too?
Sandeep Wagle: I would go with both of the names that you have mentioned, BEL being the first choice. In fact, it closed lower today at 2050. I would use any move towards 2000 to buy. I do not see this stock going below 1900. I would talk of a 2400-2500 target on BEL. I would be a buyer.
ET Now: SKS Micro, can it do more from 296 or 297 odd, the close that we have had?
Sandeep Wagle: It would have the strength to go to 315-320 and the right level for buying it is in the 290-280 range. Do not see the stock going below 275.
ET Now: What would you like to recommend to our viewers?
Sandeep Wagle: A buy on BHEL with a stop loss of 233, target of 250. A sell on JustDial, with a stop loss of 1670, target of 1608.
ET Now: How are we positioning ourselves for the week going ahead?
Sandeep Wagle: I would continue to maintain the same momentum -- 7800 to 8000 -- on the Nifty. I do not see 8000 being broken. I would say 7800 would act as a very strong support and there will be stock-specific moves. So, I would be stock specific.
ET Now: 14% for the week gone by and it is a weak stock already. How much more for an Adani Power?
Sandeep Wagle: It has fallen almost 30% from the top of the move, from the high and I still see another 10% to 15% down on all the stocks, be it Adani Power, be it Tata Power, be it Reliance Power. I do not see any bit of a move upside, or any bounce back of 3%, 4%, 5%. Beyond that that would be an opportunity to sell.
ET Now: Names like BEL, BEML, what a significant appreciation we have seen this week. Anything that is looking good for a trade come Monday morning too?
Sandeep Wagle: I would go with both of the names that you have mentioned, BEL being the first choice. In fact, it closed lower today at 2050. I would use any move towards 2000 to buy. I do not see this stock going below 1900. I would talk of a 2400-2500 target on BEL. I would be a buyer.
ET Now: SKS Micro, can it do more from 296 or 297 odd, the close that we have had?
Sandeep Wagle: It would have the strength to go to 315-320 and the right level for buying it is in the 290-280 range. Do not see the stock going below 275.
ET Now: What would you like to recommend to our viewers?
Sandeep Wagle: A buy on BHEL with a stop loss of 233, target of 250. A sell on JustDial, with a stop loss of 1670, target of 1608.
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