4950 to 5000 is very much on the cards: Sandeep Wagle, APTART Technical Advisory Services

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, in a chat with ET Now talks about the market.

One word on the index, how does it look on the charts?

We have been talking of 5200 in the past three or four trading sessions and the bulls have been holding foot. In fact, we have given a sell in the Nifty at 5260-5280 and below 5200, the fall would be accentuated is what I had said and I maintain that and now 4950 to 5000 is very much on the cards.

I do not see a big fall beyond that. Possibly another 150-180 points downside is what I expect the Nifty to bottom out. I would still go with the midcap banking pack and the metal pack remains the weakest followed by the front line IT pack.