Brace for further fall; Nifty likely to slip below recent low of 7,997: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, talks about the levels the benchmark indices may see in the coming days.

ET Now: What would your trading sense be at present juncture?

Mitesh Thacker: My view has turned negative for the short term. Nifty has already met with the immediate targets of around 8,120-8,080. I think that the index might get a throwback from here. But, if the 50-pack index fails to get pass 8,230 — which I do believe it will not, then the index should start breaking below 8,120.

The downfall can happen without this throwback itself, possibly on Wednesday. Overall, I believe that this is a market which should see further downside.

The lows of 7,997 on Nifty which were made on last Thursday should not only be visited, but possibly broken. I would look at targets of 7,930. I would stay with negative bias as a lot of stocks which were attempting for a reversal are broken down.

My sense is that shorting stocks might be a much more lucrative idea than taking any kind of position on the index.