Focus on the long side on the PSU banking, start exiting short positions on Nifty: Mitesh Thacker

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


ET Now: The kind of move we saw today does it suggest that Nifty could crosee 8,200 and inch higher?

Mitesh Thacker: It might not be easy though. We might actually eventually do it. 8,200 should be the first port of call. Today was clearly a day of short covering.

You will see that possibly being reflected in the F&O data in the evening. My sense is that around 8,200, we might see some kind of choppiness and typically pullbacks in sharp correction or after a sharp correction are not straight. I am not looking at the possibility of a V-shape recovery happening over here.

Therefore, some kind of choppiness will happen but eventually, I do expect yes 8,200 might be taken out. The intraday charts are forming some kind of near bottom formation. We might head towards 8,280-8,300 on the upside with some kind of volatility and choppiness but the idea would be now to slowly start exiting any kind of short positions if you have and try and focus on the long side on the PSU banking.