Exit longs on Nifty if index breaks below 8,200: Mitesh Thacker
In case, Nifty gets past 8,340-8,325, then you might see the momentum coming in, says Thacker.
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In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares is view on what lies ahead for the market.
ET Now: What can we expect from the market as we enter next week?
Mitesh Thacker: The uptrend is very sluggish. it lacks some strength. Furthermore, if you look at the options data — the way put options positions are shaping up — there is no aggressive writing or put options happening. Hence, though the drift is on the upside with the slow movement, we should be good to keep a tighter stop loss in this kind of a scenario.
Therefore, 8,220 on Nifty would be the level, which I would watch out for. In case, Nifty gets past 8,340-8,325, then you might see momentum coming in.
But for the time being, it is not a very convincing. We are having long bias on stock-specific calls, but in the next one-two days, it will be wise to exit longs on Nifty in case the index starts breaking below 8,200-8,220. Look at more of shorting opportunities. For the time being to me, it still appears the market which might trade in a range between 8,100 and 8,350.
ET Now: What can we expect from the market as we enter next week?
Mitesh Thacker: The uptrend is very sluggish. it lacks some strength. Furthermore, if you look at the options data — the way put options positions are shaping up — there is no aggressive writing or put options happening. Hence, though the drift is on the upside with the slow movement, we should be good to keep a tighter stop loss in this kind of a scenario.
Therefore, 8,220 on Nifty would be the level, which I would watch out for. In case, Nifty gets past 8,340-8,325, then you might see momentum coming in.
But for the time being, it is not a very convincing. We are having long bias on stock-specific calls, but in the next one-two days, it will be wise to exit longs on Nifty in case the index starts breaking below 8,200-8,220. Look at more of shorting opportunities. For the time being to me, it still appears the market which might trade in a range between 8,100 and 8,350.
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