ET NowIn an interview with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on the markets. Excerpts:
ET Now: A touch and go moment with the 8,500 mark, a solid close to the series -- what are chart patterns indicating now? Are we headed in for a bullish move or do you think it is going to be a volatile December series?
Mitesh Thacker: It can certainly turn volatile, but my belief is that in the short term, the bias is on the upside. The key is that the CNX IT has started to get momentum after getting into fresh all-time highs and clearly it is suggesting that the up-move could see CNX IT, which does enjoy a good weightage in the Nifty itself.
It should head towards the levels of around 12,500. So given that kind of scenario, the Nifty should be positively biased. Also is the fact that stocks like HUL, a couple of PSU banking names like PNB had a late breakout on Thursday and these stocks would suggest that the momentum is clearly on the upside.
Talking of the Nifty itself, unless and until the immediate support of 8,420 is being broken, the bias can be on the upside and we may look at targets of around 8,650 to begin with, possibly revise them on the upside.
ET Now: Based on today’s market behaviour, what is looking exciting, where can you spot a trade for us?
Mitesh Thacker: Stocks which break into all-time highs in bull market something which do enjoy momentum for the next few days. HUL has just done that so that is one of the trades which I have that is a buy with a stop below 770, look for targets of around 825 and I also have a buy on Jubilant Food which had had a very strong breakout couple of weeks back, it has spent about next six-seven days consolidating and giving a pullback, now appears that the pullback is over and price is ready to re-start its up-move that is a buy with a stop below 1,420, for targets of around 1,500.
ET Now: A touch and go moment with the 8,500 mark, a solid close to the series -- what are chart patterns indicating now? Are we headed in for a bullish move or do you think it is going to be a volatile December series?
Mitesh Thacker: It can certainly turn volatile, but my belief is that in the short term, the bias is on the upside. The key is that the CNX IT has started to get momentum after getting into fresh all-time highs and clearly it is suggesting that the up-move could see CNX IT, which does enjoy a good weightage in the Nifty itself.
It should head towards the levels of around 12,500. So given that kind of scenario, the Nifty should be positively biased. Also is the fact that stocks like HUL, a couple of PSU banking names like PNB had a late breakout on Thursday and these stocks would suggest that the momentum is clearly on the upside.
Talking of the Nifty itself, unless and until the immediate support of 8,420 is being broken, the bias can be on the upside and we may look at targets of around 8,650 to begin with, possibly revise them on the upside.
ET Now: Based on today’s market behaviour, what is looking exciting, where can you spot a trade for us?
Mitesh Thacker: Stocks which break into all-time highs in bull market something which do enjoy momentum for the next few days. HUL has just done that so that is one of the trades which I have that is a buy with a stop below 770, look for targets of around 825 and I also have a buy on Jubilant Food which had had a very strong breakout couple of weeks back, it has spent about next six-seven days consolidating and giving a pullback, now appears that the pullback is over and price is ready to re-start its up-move that is a buy with a stop below 1,420, for targets of around 1,500.
Get Unlimited Access to The Economic Times
