Expect Nifty to move higher from current levels: Mitesh Thacker

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

ET Now: What is your view of the index from these levels?

Mitesh Thacker: Typically when you define an uptrend and when an uptrend is stronger, the extend of correction is nearly replicated on the upside, so that is the minimum target which you can look at.

Theoretically, I would not be surprised to put a target of 9200 but in stronger markets and stronger uptrends, the stronger bull markets the upmove tend to surprise you on the upside.

So, you might even shoot beyond those levels. What is important is that this is a market which is clearly after going through correction, has taken only about five or six sessions to break into fresh highs.

There is lot of momentum and this is likely to extend and suggest further upside, so the only way to trade in the short term to medium term should be on the upside. You can keep shifting between sectors, you can keep shifting between stocks but the broad idea should be to hold on to your long positions. In case you get declines if you get those customary pullbacks with the short term averages those should again be opportunities to buy into.

This appears to be a market which has gone through this consolidation phase of mid December to mid January and now is starting a fresh leg. This should see as get much higher from current levels.