Nifty50 likely to breach 7,850 level on Friday: Sandeep Wagle

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

ET Now: What is your view on the market?

Sandeep Wagle: If you look at weekly charts that are in the making, I would still not be clear whether the Nift50 has hit the bottom. For the two days, till 7,750 is held on to, we would be positive. Wednesday's down move was reversed on Thursday. That is something very positive. But I would still want a close above 7,950 on the index.

It will be the level where I could say that 7,700 was a bottom and a move towards 8,100-8,150 or probably 8,200 can be seen. So that is still not the view. In that sense, I would talk of a 7,750-7,900 range for the Nifty50. Meanwhile, it looks that 7,850 will be broken out on Friday. If that happens, I would look at 7,950 as the next port of call. If we take that out that as well, then it will signal that the bottom is made. But if that does not happen and we are not able to clear 7,850, then the threat of 7700 being broken will remain. One has to wait and watch.