Index likely to give fresh breakout once Bank Nifty gains momentum: Mitesh Thacker

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

ET Now: What is your sense for the market’s performance in tomorrow’s session?

Mitesh Thacker: Moreover encouraging. It has moved higher but at higher levels even if we get close to 8000, you might see some kind of supply emerge. A fresh breakout will happen once the Bank Nifty gives some momentum. While it has been trading at again like the Nifty trading at fresh all time highs, the momentum is missing as can be seen in the CNX IT where uniformly, lot of stocks are long when the sectoral indices are moving up. My belief in the directional call remains on the upside. But again, I am still not sure whether this consolidation is over. So once we get a good strong price action on the Nifty, 80-90-point kind of movement on the Nifty, then that should signal a pickup in the momentum and then we can expect a fast movement. This could happen possibly after the expiry and after the September 1 judgement day. Then we might see some kind of upside action happening. But individually, lot of stocks are pointing on the upside and that is why we are trading more with the long bias and that is a stand which should be continuing unless and until we see the Nifty close below 7830.