Good chance of heading to 7550-7560 on Nifty: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst at miteshthacker.com, shares his thoughts on the market. Excerpts:

ET Now: Mid-trade went down a bit, but is trading above 7500 right now. How does that augur for the benchmark index?

Mitesh Thacker: Despite the decline, I do not think any kind of significant weakness has come in. The pullback mode still continues. Short-term indicators are still rising from slightly oversold levels, which means that there is a good chance that the market will keep on attempting these kind of throwbacks and pullbacks during the day.

Once we are above 7490 on the Nifty spot, there is a good chance that we might head to about 7550-7560 and maybe beyond that. We are still not trading much. Instead, we are waiting for the bounce back to see some kind of breakdown before taking further aggressive short positions. Till then, the market will be slightly choppy and volatile. Also, unless and until we are breaking below 7450, the chance of pullback will keep on happening.