ET NowIn a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his outlook for markets. Excerpts:
ET Now: What is next for the Nifty: 9500 or 10000 straight off?
Sandeep Wagle: I would be very happy to talk of 9300. We will see that extension of the move coming over the next few days or weeks.
I do not expect the Nifty to run away to 9600-10300. But if you talk of the immediate future, 9300-9350 can be some kind of a resistance. We will spend some time in the 8800-9300 band. Though 9300 is just 300 points away, individually we may have 10-15% stocks-specific moves.
I see the scenario this way for the next few days. That is how it has been all this while; it will continue to be so.
But there is no question of being bearish or booking profits. One has to find the right stocks and be in them.
ET Now: What is your call on the index? How are you going to position yourself from here?
Sandeep Wagle: The day of the budget was when the move began. And the move will continue. We are like a car which is in fifth gear; even if you switch off the engine the momentum will take it to 9300-9350. More specifically, you will get stock-specific moves which will outperform.
The sentiment is very positive and the Nifty will spend some time between 8800 and 9300. I do not see the Nifty running away to 10300. That is the eventual target, but it will come towards 2015-end or so. As of now, I am happy to talk of 9300-9350. Let us see how it goes from there.
ET Now: How do you think one should trade now?
Sandeep Wagle: One has to be stock-specific. I would choose an IDBI Bank which gave a very clear breakout. I expect the move to continue. Buy it with a stop loss of 77, play for a target of 91; it's likely to see more than 10% move in the next few days or weeks.
The second call is a buy in Apollo Hospitals which has been showing good traction over the past few trading sessions. Buy it with a stop loss of 1371 for target of 1465.
ET Now: What is next for the Nifty: 9500 or 10000 straight off?
Sandeep Wagle: I would be very happy to talk of 9300. We will see that extension of the move coming over the next few days or weeks.
I do not expect the Nifty to run away to 9600-10300. But if you talk of the immediate future, 9300-9350 can be some kind of a resistance. We will spend some time in the 8800-9300 band. Though 9300 is just 300 points away, individually we may have 10-15% stocks-specific moves.
I see the scenario this way for the next few days. That is how it has been all this while; it will continue to be so.
But there is no question of being bearish or booking profits. One has to find the right stocks and be in them.
ET Now: What is your call on the index? How are you going to position yourself from here?
Sandeep Wagle: The day of the budget was when the move began. And the move will continue. We are like a car which is in fifth gear; even if you switch off the engine the momentum will take it to 9300-9350. More specifically, you will get stock-specific moves which will outperform.
The sentiment is very positive and the Nifty will spend some time between 8800 and 9300. I do not see the Nifty running away to 10300. That is the eventual target, but it will come towards 2015-end or so. As of now, I am happy to talk of 9300-9350. Let us see how it goes from there.
ET Now: How do you think one should trade now?
Sandeep Wagle: One has to be stock-specific. I would choose an IDBI Bank which gave a very clear breakout. I expect the move to continue. Buy it with a stop loss of 77, play for a target of 91; it's likely to see more than 10% move in the next few days or weeks.
The second call is a buy in Apollo Hospitals which has been showing good traction over the past few trading sessions. Buy it with a stop loss of 1371 for target of 1465.
Get Unlimited Access to The Economic Times
