Expect more correction in markets over next two-three trading sessions: Sandeep Wagle, Power My Wealth

In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his outlook for the markets.

ET Now: Do you think there is more downside risk to the market from these levels?

Sandeep Wagle: There is certainly more downside. Yesterday at 8,450-8,460, we had that view and we had talked of 8,300. That has almost come in today. It is just 30 points short. I would talk of 8,150-8,180, which is another 200 points down.

If you get a 40-50 point jump up, you will get a clear 200 points on the downside. So I would not be in a hurry to buy. If you are an investor with a 12-15 months’ view and if you are looking at 9.5-10 thousand over the next few months, then that is a different story altogether.

But as an F&O trader where 3-4% is quite a bit, definitely one has to play it on the short side. May be we will see this fall not only tomorrow, but over the next two or three trading sessions.

ET Now: What are your ideas for tomorrow’s trade?

Sandeep Wagle: I would definitely be more on the bearish side, but then I have also one buy idea. I would sell L&T – stop loss of 1,585, target 1,510; a sell in Tata Motors DVR – stop loss 330, target 314. I have a buy in Havells – stop loss 327, target 345.