Expect Nifty to trade in 8,690-8,700 range: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on the levels the NSE benchmark Nifty may see in the days to come.

ET Now: What should that average trader do on Tuesday morning or over the near term?

Mitesh Thacker: I would suggest buying at present juncture. Nifty have managed to settle above 8,500-mark. It is a good setup. Bank Nifty has already given a breakout above 18,500. The gains index the banking index can be termed as a pullback on intraday basis. The index has nicely held 18,500 level.

We had a move on the upside. If the CNX IT were to start getting past 11,250, a minor trading signal can happen there as well.

A couple of IT stocks like TCS did show any momentum or breakout on the upside. Overall , the bias is with cement, auto and energy sector. This bias suggests that the Nifty will head higher from current levels.

Keeping a stop loss at about 8,440 is what I would suggest. I see Nifty in excess of 8,690-8,700. Also because a breakout is happening on Nifty, a lot of stocks and sectors have given breakout. Therefore, one should trade with long bias on stocks, which are giving fresh breakouts. It could a good strategy.