6650 mark crackdown may not happen immediately: Sandeep Wagle

In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his views on index.

ET Now: What is your own sense of this narrow range for the market, does the market show greater signs of breakdown or a break out, does that become more critical now?

Sandeep Wagle: Yesterday we were of the view that 6650 will be held on to and that did happen today for the first half but now it is very clear that at higher level selling is emerging. Now, whether we break down and go down one way to 6500 because if 6650 is clearly broken down decisively, then that is my next target. As we are nearing the event one thing is for sure that there is certainly nervousness creeping in and it does not make sense taking a long position one way, you have to be very-very stock specific but if you ask me whether we will crack down 6650 and move down 100-150 points immediately that may not happen.