Buy Nestle at current levels: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, talks to ET Now on FMCG stocks.

A quick comment on the weakness in FMCG minus Lever, rest of the entire FMCG pack is looking slightly shaky?

That is correct. We are seeing first signs of profit booking. I am not very sure whether we are going into a deep correction or not, but first signs of significant at least a stronger profit booking that is the way I can put it. You have seen Nestle come down but if it breaks 4300 the broader range of 4500, 4100 still holds out. We have seen for the last five months Nestle has been doing nothing but probably just being in this range of 4100-4500 but 4300 is the level where lot of daily moving averages converge, so technically that is an important level. So while we have seen that kind of proper booking emerging over here, I am not sure that we are getting into a big corrective kind of a movement.