Wait for a correction on ONGC, BPCL: Sandeep Wagle, APTART Technical Advisory Services

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, gives his take on ONGC & BPCL, in an interaction with ET Now.

What is your outlook for the market?

Sandeep Wagle: For the last 10 days, the same thing has been happening. We are going to 5300-5350, coming back, one green, one red, one green, one red. We are tired of that. On a broader view, we are in a channel formation if you talk of the monthly view. So we hold that view of 5550, but it may not happen in a week or two. It may take possibly 3-4-5 weeks. No one can say that, but on the positive side, I do not see 5180-5200 being broken on the downside. So I am not bearish. One has to play within that range of 5200 to 5350.

From 5400, I have brought that down to 5350 because twice it has reversed from 5350. But I am hopeful that the breakout would come on the upside rather than breaking down and going to 4900 or 4800. We do not hold that view, but one has to be very stock-specific, very choosy.

Even in this market, stocks like IDFC, IFCI are giving 5-7% moves in a day. So be choosy and get the right stocks and still trade on the positive side. You may not buy on breakouts, wait for corrections to buy.

Your views on ONGC and BPCL? Would you book profits right now at this point?

Sandeep Wagle: These stocks have moved out of the orbit and I would wait for a good correction because the markets are not going anywhere. Possibly 1340-1350 in ONGC is what I am looking at. BPCL around 885-890, another 5-7% I would be comfortable. Booking profits does not mean that I am exiting the counter. I would like to buy it at lower levels.