Expect Bank Nifty to be in 14500-14900 range next week: Sandeep Wagle, Power My Wealth

In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his market outlook and his views on some stocks. Excerpts:
ET Now: A quick question to on the Bank Nifty which looked slightly wobbly in Friday’s session. Do you think the weakness can continue the next week?

Sandeep Wagle: Yes, at a level of 14750-14800, Bank Nifty has at least 200-250 points on the downside. 14500-14550 is where I see and it may not stop there and on the upside, I would not be surprised if even 14900 is not crossed. So broadly, 14500-14900 is the range is where I see the Bank Nifty moving in.

ET Now: L&T as well came out with its earnings which were above street estimates and that transpired only post market hours in Friday’s session. How do you think the stock pan out come Monday morning?

Sandeep Wagle: I do not think the result has really been factored into the price. So I see some more upside to the tune of 1610-1620, currently at 1545 close on Friday. So if it does not open up with too much of a gap, I would buy in for that. I do not see 1500 or 1620 being broken. So broadly, 1500-1510 on the downside, 1610-1620 on the upside is the range for L&T over the next few trading sessions.

ET Now: Anything that caught your eye on the charts from these defence based BEL, BEML, Walchandnagar, Astra Microwave?

Sandeep Wagle: I like all of them. Walchandnagar in fact has given a fresh breakout. It can be bought at the current levels of 101. It was in circuit today, but in case you get it, at this level also, it is a good buy. It can give you a 30-40% up move over the next few weeks even from the current levels.

As regarding Astra Micro and BEML and BEL, most of them have really moved up. So I would wait for some meaningful correction. Not very comfortable other than Walchandnagar buying into any of the stocks in this space.

ET Now: HUL, just a technical view out there because it showed quite a bit of momentum in the last one hour of trading Friday’s session. Can HUL move up further from these levels?

Sandeep Wagle: It can certainly move up further from these levels. It has shown a very clear momentum upside, but when a stock like HUL moves 8% in a given day, which happens once or twice a year, I would say you have to treat it with caution or a pinch of salt maybe on a correction to 580-585. HUL is not a stock.

That is why it is called a defensive stock. So it is not a stock which will run away one after another. There will be some correction and that is where I will be comfortable buying HUL, not at the current levels, maybe 590 to 580 in case it corrects. Otherwise it may not fall, but it may just move sideways and then as a trader, you do not get anything out of it. So I would rather wait and watch.

ET Now: Your stock trades for Monday morning?

Sandeep Wagle: A buy in Den Network, with a stop loss of 210, target of 249; a sell in Bank of Baroda, with a stop loss of 860, target of 810.