Expect upside in Reliance, ONGC: Sandeep Wagle

Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sandeep Wagle See what other Experts & Brokerages are saying about Reliance See messages about Reliance Reliance BSE | NSE 10/02/12 Are Mutual Funds betting on Reliance?

Expect upside in Reliance Industries and ONGC , says Sandeep Wagle , Head of Technical Analysis, Angel Broking.

Wagle told CNBC-TV18, "I do not see strength in real estate, in fact DLF and HDIL  I am seeing a little bit of weakness, so that would be a drag down on the Nifty. Possibly Reliance may be the stock; not in the midcaps but in the front liner; Reliance and ONGC can go up a bit from current levels and other metals and banking."

He further added, "I see banking as the best sector to lead the Nifty and I do not have a view of 5500 one way. Yes 5150 was our first target and now I think it is almost there but I do not see any weakness where it will come down. So 5250-5300 is where Nifty will go to. Midcaps will outperform maybe 7-8% movement you can get in the midcaps."

Disclosure: I do not own the above stock but our clients maybe having some positions in it.