8200 holds the key for Nifty; Sensex likely to climb to 27,375: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, talks about the levels markets may see in the days to come.

ET Now: What is the kind of targets that you are setting up for the Sensex and Nifty?

Mitesh Thacker: A level of 27,375 on Sensex is something that I am watching on the upside. For Nifty, the corresponding target comes to about 8,270.

In fact, we have maintained that 8,180-8,200 would be a tough level for the Nifty to get passed. But, we met those levels today.

Now, I would wait for a break beyond 8,200. That would confirm that this is not only a pullback, but a stronger kind of an upmove. The gains could be fuelled by some kind of short coverings as well as participation from the oil and gas stocks. Therefore, my overall bias is on the positive side.

I would initiate fresh positions on Nifty if 8,200 if broken. We have had some kind of long calls on Thursday, but to initiate those calls below 8200 would not be a good idea. Once we cross that level, we are looking at 8,270 which is equivalent to 27,370 on Sensex. We can possibly test 8,450 on Nifty later.