Expect market to correct post the big event: Sandeep Wagle, Power My Wealth

In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, talks about his strategy about getting into the big event on Friday. Excerpts:



ET Now: What is your strategy about getting into the big event tomorrow?

Sandeep Wagle: The strategy for the day is a little difficult to define, since tomorrow is a big event and one cannot define it in terms of technical trade. We have told our clients not to take any F&O trade since that is a leverage position. We have asked them to hold on to the position calls in cash which have been bought at much lower levels. We have not taken any meaningful position in the last three to five days.

Therefore, we have asked them to down-size the quantity because there is nothing in the charts that suggests any weakness. We are anticipating that the event will be done and over with, after which the markets will correct, but that is just a conjuncture. I do not really see that in the charts.

Broadly, I will talk of a Nifty range of 6850 to 7250 and not be surprised if the upper side of 7250 is broken before 6850 is tested.



ET Now: What would be your recommendations based on the chart readings?

Sandeep Wagle: I recommend a buy in Adani Power at a stop loss of Rs 50 and target of Rs 66. I have a sell in United Spirits with a stop loss of Rs 2650 and target of Rs 2480.