Declines of 70-80 points should be a good buying opportunity: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker of miteshthacker.com, shares his views on the market. Excerpts:

ET Now: What did you make of trade today because the large caps were okay but the broader markets have been slightly muted compared to the large during caps the last couple of days?

Mitesh Thacker: You will have one of these days when some kind of sectors or some stocks will face profit booking at higher levels. Let us not forget the kind of rally which we have had from last Thursday and if you look at the components of the Nifty, the Bank Nifty has had a good run. It remains on fresh highs. The CNX IT has started participating. Couple of sectors like CNX Energy and CNX Auto are also doing extremely well, CNX Auto being on new highs and CNX Energy led by Reliance tried to reverse some lower levels. Now this comprises nearly 75% of the Nifty and they are all pointing on the upside.

So I would not be surprised to see further upsides happening and as I mentioned, one of these days you will get a pullback. As long as 8600 holds, any declines of 70-80-100 points should be a good buying opportunity if somebody has missed or somebody wants to add on to long positions. For the time being, remain on positive note, hold on to your long positions and possibly look at targets of around 8950-9000 as we approach the budget.