Nifty to breach 8020-8030 difficult at this juncture: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on markets. Excerpts:

ET Now: What is your closing thought for the market?

Mitesh Thacker: We have been moving up but clearly this move is lacking momentum. Furthermore, I have been trying to draw some trend lines on the chart and if you connect the highs in the early part of June and then some time in middle of July, connecting all the rising tops give you a line around 8020-8030 on the Nifty so 8020-8030 on the Nifty would be a difficult level for the index to break away immediately.

Individual stock side, because we do not have any signal of big breakdown happening in the Nifty, stock specific moves are likely to happen, some of the breakouts will succeed. Therefore next few days going into the September expiry, the first two weeks could be extremely stock specific and sector specific and that is the way we will suggest approaching the markets. The broad range which I am looking at, to begin with, would be around 8030 on the upside to about 7835 on the downside.