Expect more downside on Bank Nifty from current levels: Sandeep Wagle, Power My Wealth

In a chat with ET Now, Sandeep Wagle, Founder & CEO of Power My Wealth shares his views on the market. Excerpts:

ET Now: What are you doing on specific indices - be it CNX IT or the Bank Nifty?

Sandeep Wagle: We are very near support levels, but in the last one hour or so, I haven't seen hints of a sharp buying. The Nifty is not going up. It is down some 50-55 points. I would rather wait and watch at the end of the session as to what transpires. I would be stock specific - we are very clearly bullish on CNX pharma. Sun Pharma and Ranbaxy would be our two picks, but these are stocks where one can go short as well.

Stock specifically, the banking space is not looking strong. I see some more downside - at least 150-200 points down on the Bank Nifty from the current levels. As far as the Nifty is concerned, I would watch it very closely. In case the current levels of around 7750 is broken down, then we will probably go down to 7580-7600. But I would decide that only at the end of the day. Till then, I would be stock specific. We have long positions in pharma and individually some short positions in some other stocks.

ET Now: What are your picks for the day?

Sandeep Wagle: I have a sell in BHEL and a buy in Sun Pharma.