Expect Nify to be rangebound between 8420 and 8530: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on movement in markets.

ET Now: Good comeback, strong comeback, bulls have managed to regain 8490.

Mitesh Thacker: Day before yesterday when the markets were falling we were repeatedly on intraday basis testing the 8420-8430 mark which we have been talking about as an important support area.

We have managed to hold on after four or five times of retest of that level so that is a very positive set up but otherwise with that fall there were some kind of disruption in the momentum. In case we are not breaking below then we are looking at some kind of sideways activity happening for the next few days, though there will bring some kind of choppiness or strong moment in the last 45 minutes to about half-and-hour but for the time being for next few days it looks like we are doing a range of 8420 to about 8530 on the upside.