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Expect Nifty to stay in 6200-6400 range in near term: Sandeep Wagle – The Economic Times

ET Now: We are once again approaching towards 6350-6360. Do you think this time around this market has enough momentum to go past that hump? Sandeep Wagle: I think so. ET Now: I was just looking at the market breadth and market internals do not inspire too much confidence. Sandeep Wagle: We were at a low of 6150 and we almost threatened to break that. Even I felt that we will go down to 5900 and almost everybody was feeling that way. The bulls have however managed to defend and in the last four days, from a low of 6150 we have almost reached 6330, which has been almost a 180-point, 170-point upmove. Hence, another 50 points or 70 points, I do not think, should be an issue, but I would not say that the market will go beyond 6400-6500 in a one-way upmove. We may even test 6380-6400, for all you know, and be in the range of 6200 to 6400 for some time. I would call it a time-wise consolidation. So the market may not run away, but it may not crash down as well. 6200 has made some kind of bottom and the range on the Nifty is expected to be between 6200 and 6400. Now, if it breaks 6380 or touches 6410, it would hardly matter and as long as it does not fall and break 6200 on the downside, the bias is definitely on the upside. ET Now: What are your top ideas for tomorrow morning? I reckon it would be bullish, because you expect the markets to go up. Sandeep Wagle: Absolutely. I have two buy calls. So I have a ‘buy’ in Century Textiles , with a stop loss of Rs 308 and a target of Rs 330. I also have a ‘buy’ in HDFC , with a stop loss of Rs 834 and a target of Rs 870.
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