Consider aggressive buying on the Nifty: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views.
ET Now: How are you approaching trade as we speak, also a word on CNX IT and the specific stocks that you are recommending in the session?

Mitesh Thacker: We have been suggesting a range bound bias for the Nifty. That has not changed despite the fact that the Nifty has had good per cent plus kind of surge today. We were maintaining more of a long bias and the ideas was to buy more on declines which of course didn't happen much because the Nifty kind of reversed slightly from higher levels as compared to 6650-6630 which is what I was expecting.

But important is that the Bank Nifty has managed to hold and bounce back from levels of 12,500 around those areas which is where the 20-day or 21 day exponential average is placed and that is a very positive set up.

The immediate basis suggest that the Nifty would again face supply at levels of 6825-6830 and I would now consider aggressive buying on the Nifty or some kind of strong momentum jump if the Nifty starts getting pass 6850. So for the time being, we continue with this range bound outlook and continue trading with more of long bias because I still believe that the broader trend on the index and stocks remains on the upside.