Expect Nifty to remain in 6400-6600 range in next 5 to 7 trading sessions: Sandeep Wagle

In a chat with ET Now, Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, shares his market outlook for tomorrow. Excerpts:

ET Now: Today sectoral rotation was at play and money moved out of PSU banks. However, FMCG and pharma stocks have made a late comeback. Do you think the Nifty may not do anything for the next 8-10 days, but we may see a lot of chop and churn within sectors?

Sandeep Wagle: Yes. I think so. The Nifty will be in a 100-point band. I do not think 6450. At the worst, 6400 will be broken, though I do not think 6600 will be broken.

So broadly, 6400 to 6600 is where the Nifty should be in the next five to seven trading sessions. So you have to talk of it as a range-bound movement and a lot of individual stocks will move, there will be churning and there will be some weak stocks which will fall and some will gain.

ET Now: What are your top trading ideas for tomorrow?

Sandeep Wagle: I would go with a 'buy' in L&T Finance. That has given a very clear breakout and closed at almost the high of the day. I will have a stop loss of Rs 81 and target of Rs 96. The second call is a 'sell' in BHEL, which showed some weakness. Sell it with a stop loss of Rs 186 and a target of 174.