Expect Nifty to hover around 5950-6100 levels: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his market outlook.


ET Now: How are you reading into this tempted pullback from the market in the last hour for three successive sessions now, does it seem like this pullback can sustain itself?

Mitesh Thacker: I have been slightly biased towards the positive side for last one or two sessions and I have said that the pullbacks in declining market are typically choppy. So, we have seen the choppiness. The pullback is far from over the intraday indicators the trend falling ones are still in a rising mode. Until, we start getting below 5150 I would maintain a slightly positive bias if I am trading with extreme short term horizon and look at pullback to about levels of 6100-6120 which is what I have been maintaining for last few days. In fact, given the way the short term charts are kind of diverging from the medium terms charts there could be possibility of a range bound consolidation happening in the markets for the next few days. So, 6100 to about 5950 could be a range which the market might remain in for the next five to six sessions.