8,500-8,525 on Nifty a strong supply zone: 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 sessions.

ET Now: How the trade may pan out in the coming sessions?

Mitesh Thacker: We do believe that 200-day moving average (DMA) on Nifty could be tested. The trend remains on the downside. We are trading with more of a 'short' bias.

The only area as a counter, where you want to keep some long positions, would be couple of metal names. Metal names are showing some reversal on the short-term charts. But otherwise, it is market that may head lower. We had some kind of bounce back on the CNX IT index during the Tuesday's session. These kind of movements can happen going forward , but one must use this recoveries to shed stocks. A level around 8,500-8,525 on Nifty would be a strong supply zone. The index may eventually head towards 8,250-8,260.