Bank Nifty might head towards 9000 sooner than expected: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on the markets. Edited Excerpts:

ET Now: Would you stay light ahead of the budget speech commencing tomorrow morning? Tomorrow morning's trade will also be a determinant but what are the thoughts right now?

Mitesh Thacker: I would possibly be looking at stocks which are showing which are showing breakout in momentum. We might be in for a slightly positive kind of nudge on the upside. Today's price action kind of confirmed the same. The way Bank Nifty has avoided a negative trap and come out suggests that there is more of positive feeling going into the event. The fact that there was good correction happening a couple of days back and the overall position base had lightened up also helps the poitive feeling. We will trade with some kind of long bias heading into tomorrow. If the Nifty manages to scale pass levels of 8900, there is a good chance that we might give 9000 a short quicker than expected. We can also possibly get pass those levels and head towards 9150. It will all depend upon how the trade pans out tomorrow. For the short term for an immediate base 8900 would be a trend decided on the upside. Strength beyond that should add on to the momentum.