Market bias continues to remain on upside: Sandeep Wagle, Power My Wealth

In a chat with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his market outlook. Excerpts:

ET Now: On a closing basis, a 20-point cut for the Nifty is nothing. If I look at the character of the market action, it is clearly disturbing. At higher levels, there is supply; at lower levels, there is demand. What is going on?

Sandeep Wagle: A painful consolidation is what I would describe the Nifty as or maybe even the Bank Nifty move. I do not think 7450 will be broken. I do not think 7680-7700 on the upside will also be broken. So, we will move within that 7500-7700 band. 150, 180, 200-point band with more of stock-specific moves. Whatever corrections we have seen and whatever shifting we have seen, the bias still continues to remain on the upside. So I would be positive, but yes, you have to choose the right sector and right stock.

ET Now: Is it important now to focus on both sides of the market, which is a long side and the short side, because for the longest time those who have traded long, they made money, those who traded short, they have only lost money?

Sandeep Wagle: It is very important to be with the larger trend, which is on the upside. So I would not be comfortable with the idea of going short. Yes, on a day where there is a correction, one can take a punt as intraday trade. That is a different issue, but there is no question of carrying forward your shorts. It is better to be long. Even if you are wrong, you will get a chance to exit at profit. So in that sense there is no question of going short.

ET Now: So what are your top ideas for tomorrow?

Sandeep Wagle: PVR is a 'buy' call which gave a very clear breakout with a stop loss of Rs 660 and a target of Rs 735. The second call is a buy in pharma stock, Pfizer, with a stop loss of Rs 1330 and a target of Rs 1435.