Good level to accumulate the Sensex would be about 26,700: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, in an interaction with ET Now, shares his market outlook. Excerpts:

ET Now: What is the strategy on the index though, a Sensex strategy for the day, it is down 1%, 255 points, how should an average trader approach trading the Sensex as we speak?

Mitesh Thacker: On the Nifty or the Sensex I would be a buyer. I think a good level to accumulate the Sensex would be closer to about 26700 which is roughly about 80 odd points lower from here which corresponds to about 8,080 kind of level on the Nifty. So these levels would be good levels to buy into the index and I would keep a stop loss roughly below 8,040 on the Nifty or possibly at 26,550 on the Sensex and look at targets in excess of 27,000 for the Sensex.