Any move above 8,360 could add momentum to Nifty: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, HDFC Securities, shares his view on where the market is headed towards.
ET Now: I would like to get in your thoughts on the CNX IT index. We have held above the 20-DMA, what is it looking like?

Mitesh Thacker: The CNX IT index did manage to bounce back, but the gap from 11,500 to about 11,570 needs to be filled up, before one can feel comfortable. As soon as the index gets past 11,570, it would start lifting Nifty. For the 50-pack index, levels above 8,350-8,360 could add momentum on the upside.

We are into a market, which is not giving any clear direction for the last couple of days. But, a breakout on the upside could definitely suggest a short-term up move happening over here.

Thus, a rise above 8,350-8,360 region on Nifty and 11,570 on CNX IT may signal some kind of minor rally. In such a case, I would look at targets closer to about 8,500 on Nifty.