In short term, use bouncebacks on Nifty to sell: Sandeep Wagle

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

ET Now: What is your sense on the market closing session of today?

Sandeep Wagle: As of now the support has been held at 7450, but it is likely to be short-lived. A 50-70 point bounceback will be or can be termed as a week bounceback. It should be sold into as far as the Nifty is concerned.

The Bank Nifty was a shade stronger today. But I do not think it will go beyond 14700-14750 where selling will emerge. Sooner than later I see levels of sub-14000 on the Bank Nifty as well.

So, for the next couple of days which could extend to three or four days, you can have the Nifty in a consolidative phase, in a 50-70 point band — not breaking down neither moving up. But sooner than later it will give way and we will be at 7250-7280, probably even 7200. That is where in terms of time we may see more consolidation.

At 7200, as an investor I am comfortable buying, though may be not as a trader. At that level I would not have that bearish a view. But time-wise it could take more time and it could just be sideways and sluggish. That could be very very painful for a trader, more so for an F&O trader.

So, for the immediate short term, sideways to a negative bias is what I am talking of.