Nifty is close to its resistance zone: Sandeep Wagle, Power My Wealth

In an interview with ET Now, Sandeep Wagle, Founder & CEO, Power My Wealth, shares his trading picks for the next week. Excerpts:

ET Now: What do you do now with trading positions in the Nifty? What happens after the bounce that saw on Friday? Will you go short?

Sandeep Wagle: As far as the Nifty is concerned, you will have to wait. There is no clear signal. The 50-pack index did bounce back and the bounce back was strong enough.
The index opened higher on Friday. It sustained that level till the end of the session.
That said, the index is close to its resistance zone. Till the time we do not clearly close around 8,350, I would not be in a hurry to go long.
I do not think that we can go short either. If you had gone short in Friday’s morning session, then you would have trapped. Therefore, one must remain stock-specific.
Overall, the Nifty is range-bound between 8,100 and 8,300 levels. If at all I want to go short, I would go short near 8,300 on the Nifty with a 100-point stop loss. In case there is a correction, then one can look to add positions.
ET Now: What is your own sense of where could the real estate stocks headed towards? The high-beta space was in the limelight on Friday. That said, can it sustain momentum even though some of the analysts on the Street seem to be turning bullish on select realty names such as Oberoi Realty?
Sandeep Wagle: Certainly, one can play for a trading bounce. I do not see weakness similar to what I see in the banking space. I even do not see that strength where one can talk of a 30-40% upside in the realty counters. HDIL is looking good. Oberoi Realty has closed above Rs 300 on weekly charts. It can climb to Rs the 330-335 levels.
ET Now: What is on your trading list? What would you like to recommend to our viewers?
Sandeep Wagle: Buy Hindustan Unilever with a target Rs 925 and a stop loss of Rs 885. Sell Canara Bank with a target of Rs 322 and a stop loss Rs 349.