Expect a strong rally if Nifty breaks 8,150-8,200 range: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on where the market is headed towards.

ET Now: Where do you see Nifty in coming sessions?
Mitesh Thacker: It appears that some kind of bounce back has started. But, the level of 8,150 is yet to be captured by Nifty on closing basis. In case, we get a closing above the level, the market should extend gains. For Nifty, 8,200 would be an important level. Once, we start getting past 8,150-8,200 band, this market can even try and test levels beyond 8,350-8,400. There could evolve higher chance of a stronger bounce back. The earlier signals are in place. We are trying to reverse from oversold levels. Now, there is some cluster of averages in this 50-point band of 8,150-8,200 that once broken, could add to the strength. An important low has been made around 8,000 levels in the last two-three days. If that is sustained and we get past 8,200, the direction would clearly shift on the upside.