Levels of around 7300 to about 7250 on downside possible: Mitesh Thacker
The final judgment would come as to how the Nifty reacts once we are close to about levels of 7480-7460 or once we are testing those levels.
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In a chat with ET Now, Mitesh Thacker of miteshthacker.com , shares his views on market outlook.
ET Now: How would you expect trade to pan out next week we have four trading sessions so how would you place your outlook?
Mitesh Thacker: A re-test of 7460-7480 and give and take of a few points looks very likely. The indicative direction has clearly turned down with last two-three days. The falling has picked up acceleration with the gap down today. Whether we will have one kind of breakdown or one time breakdown below these levels so 7450-7460 is of lot of importance.
In case we break below that, we might even see levels of around 7300 to about 7250 on downside so I am slightly more bearish. Bank Nifty will go and re-test 14,500-14,450 and that is a very-very strong pivot and strong support area for the Bank Nifty. If the Bank Nifty were also to correct below that, then it could possibly drag the Nifty down so in that sense a slightly more bearish.
The final judgment would come as to how the Nifty reacts once we are close to about levels of 7480-7460 or once we are testing those levels.
ET Now: How would you expect trade to pan out next week we have four trading sessions so how would you place your outlook?
Mitesh Thacker: A re-test of 7460-7480 and give and take of a few points looks very likely. The indicative direction has clearly turned down with last two-three days. The falling has picked up acceleration with the gap down today. Whether we will have one kind of breakdown or one time breakdown below these levels so 7450-7460 is of lot of importance.
In case we break below that, we might even see levels of around 7300 to about 7250 on downside so I am slightly more bearish. Bank Nifty will go and re-test 14,500-14,450 and that is a very-very strong pivot and strong support area for the Bank Nifty. If the Bank Nifty were also to correct below that, then it could possibly drag the Nifty down so in that sense a slightly more bearish.
The final judgment would come as to how the Nifty reacts once we are close to about levels of 7480-7460 or once we are testing those levels.
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