Expect Nifty to be in 7800-8050 range in short term: Sandeep Wagle

In an interview with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his views on the markets. Excerpts:

ET Now: What crucial levels will you be watching out for and how do you think we are going to wind up this series?

Sandeep Wagle: I would talk of a level of 7800 on the downside. On the upside, 7950 is a little bit difficult to cross, but once it is done, we will be somewhere between 8000 and 8050. So broadly 7800 to 8050.

This 200-250 points is what I would be watching out. I do not think you cannot buy any and every stock, but I do not think there is a panic selloff for anything that can bring down the Nifty to 7500.

At any point in time, a 50, 70, 80-point correction will be bought into and beyond that I do not see a correction. I would be bearish or I would be short-term negative only if 7800 is broken down on a closing basis.

ET Now: Coming on stocks that you would be watching out for in terms of trades tomorrow on the charts.

Sandeep Wagle: A buy in Apollo Hospital – stop loss of 1180, target of 1240; a sell in Allahabad Bank – stop loss of 121, target of 109.