Expect Nifty to trade in 8200-8450 range in near term: Sandeep Wagle

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

ET Now: Nifty has been rangebound for at least 8 to 10 weeks but yesterday it rediscovered momentum unfortunately on the downside?

Sandeep Wagle: Absolutely, the crucial support level of 8,430 was being held on to for the past many sessions. We have seen a breach of that yesterday. If we do not cross 8,430-8,450 in the next couple of days, which is very likely, then we will head towards 8200 and now the range for the Nifty is 8200 to 8450 probably on the downside. It may even stretch to even 8150, so this 300 point band is what I would talk of and in case one wants to take a position, an ideal strategy would be to sell the Nifty near a 8400-8410 range. I do not see 8430 being broken on the upside and on the downside I would talk of a target of 8280-8300 and in case that is broken which is very likely, we can even come down to 8200-8180.