8330 should act as immediate support for Nifty: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on how the market may behave in the coming days.

ET Now: How do you see the first day of the new futures and options series?
Mitesh Thacker: Thursday's close has been good. The intraday buying seen during the day confirmed that 8,320-8,330 on Nifty should now act as the immediate support level. Bank Nifty has just managed to sneak above 18,500 despite the fact that the last half-an-hour of trade was volatile for it.

In case, Bank Nifty sustains above these levels, despite some kind of weakness in the CNX IT, I would maintain a slightly positive bias for the next few days. Bank Nifty could possibly outperform along with the energy and pharma stocks. May be, these sectors will pull up the Nifty to 8,450-8,500.

Meanwhile, if CNX IT continues to trade below 11,300, then it will have a 200-300 point kind of a decline. Overall, on the broad basis, Nifty might move up. That is what I will look at. I will also be trading more of long bias on individual stocks and would possibly place a couple of short calls on the IT stocks.