Expect Nifty to find good support at 7,700; stay stock-specific: Mitesh Thacker

In a chat with ET now, Mitesh Thacker, Technical Analyst, miteshthacker.com, talks about the levels Nifty may test in the days to come.

ET Now: Can you summarise the action that we saw in the market on Tuesday? It does not inspire too much of confidence.

Mitesh Thacker: From a trading point of view, and news flow point of view, it is quite difficult to link it out. But technically, it is clearly visible that around 7,700 on Nifty is where we are getting a good support.

We have managed to absorb strong bout of negative news twice close to the level. But at around 8,000-8,050 we are getting good surprise. So for me, it remains a stock-specific market. An expert was talking about the US indices. I myself have looked at the charts of S&P 500 and Dow Jones.

Their medium to longer term pattern is negative. Eventually I do expect Nifty to move in lower but, for the time being, till 7,700 on the index holds, be stock-specific and once that breaks, then we will be more aggressive on the short side.