Markets may move up once Bank Nifty breaks 18556 levels: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on the markets. Edited Ecerpts:

ET Now: What is your own sense of the market at these levels?

Mitesh Thacker: Market has met the first targets of around 8500 but we will not see the strong momentum coming. It is not falling. That is the nice thing and today the Bank Nifty was still quite up. Once the Bank Nifty gives this breakout from this 18253 to about 18556 kind of range, we might see momentum spill over to the Nifty. That is still spending. That is why possibly we are not seeing a very strong up move despite the fact that the CNX IT has done well. But we are still trading with more of long bias.