Want to see the Nifty start showing strength beyond 6830-6850: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on market outlook.

ET Now: But while it is truncated and it has been a very short expiry as very short F&O series as well and we have the expiry lined up. How would you approach trade in this truncated expiry week as well?

Mitesh Thacker: We have been stock specific and buying on declines. Today the Bank Nifty and Nifty both have rebounded very strongly and the good thing is that the CNX IT also has not given any kind of negative signal.

I have mentioned about 6,830 being an important pivot on the weekly charts for Nifty or if we start getting pass that I would wait till 6,850, then by the expiry week or the next four-five sessions, we might be heading towards 7,000 in a fast manner.

As I said I would want to see the Nifty start showing strength beyond 6,830-6,850.

The Bank Nifty also again as the Nifty approaches 6830 will hit levels of around 13,000-13,150 and only beyond that you would see the Bank Nifty possibly generate a fresh breakout into all-time highs.

The chart has definitely improved with today’s price action but another 60-70 points you might want to wait and watch after that and then if the market continues to show momentum, would want to trade aggressively on the long side.