Prefer stock-specific approach currently: Sandeep Wagle

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

ET Now: Those, who missed the chance to buy into the massive rally, would have gotten an opportunity in today’s session. Do you think that holds true?

Sandeep Wagle: As far as the Nifty is concerned, we may see some choppiness there. However, broadly, 8000 to 8200-8250 should be the range, and that should hold. So, the Nifty will not probably give you a true indication of the market breadth, and in that sense, there is no point in looking at the Nifty. I would prefer to take a stock-specific approach and play the market both sides. There will be stocks which will correct and make new highs. I would prefer to be on the long side though.

ET Now: If you have to dissect some good ideas for tomorrow morning, which way would you lean?

Sandeep Wagle: We have come to a point where we want a move very fast. We cannot buy today and wait for the next three-four days. We want the move in the next one or two hours or possibly in the next coming day. In that sense, I would talk of two stocks which have displayed momentum - Adani Enterprises closed well and for the whole day it did not fall. It has a very clear breakout. So I would buy Adani Enterprises and expect a move tomorrow. I would buy it with a stop loss of Rs 502 and a target of Rs 540.

The second call is a buy in CESC, which closed at the highest point of the day - which suggests a further move in the offing. I would buy CESC with the stop loss of Rs 730 and a target of Rs 762.