Nifty sees a fresh leg of downtrend, heads towards sub-8000 levels: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, share his view on how the market behave in the coming sessions.
ET Now: What kind of levels do you initially envisage on the Nifty and the Bank Nifty over the course of the next few days?
Mitesh Thacker: The force, with which the market has fallen, has triggered breakdowns on many stocks as well as on sectoral and key indices. I believe that is clearly a fresh leg of downtrend.

The first target for Nifty that I would look on the downside would be closer to about 8,120 to about 8,070. I am even looking at possibilities of sub-8,000 levels being revisited that are around 7,930-7,940 on the downside.
We are possibly looking at a market, which could be very choppy.

The index would possibly head towards sub-8,000 levels.

On the upside, 8,340-8,350 on Nifty — which has been an important level in the last few days — will act as weekly pivot level. Unless, those levels are being crossed, I would maintain a negative bias.