CNX Midcap 50 to breakout at 3,520; 8,800 crucial for Nifty: Mitesh Thacker

In an interview with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on Nifty and CNX Midcap 50.

ET Now: Share with us your thoughts on key indices?
Mitesh Thacker: The Nifty Midcap 50 index, which is the junior index for the midcap stocks, is on the verge of breakout. We talked about the index getting past levels of 3,500 last week as well. The index was trading around 3,490 today.

Therefore, once the 3,500-3,520 zone is captured, the midcap index would have a breakout. It may look at targets of around 3,650-3,700. This means a lot of midcap names could do extremely well.

So maybe trading opportunity will exist more over there. That is where trading will be more rewarding. I have not given up my bearish stance. We are still bouncing back from the weekly levels. I am not sure, if this is turning into a strong up move. For Nifty, 8,800-8,820 would be the first port of call. Unless that is achieved, the short term bias remains on the negative side.