Look for buying opportunities at 6650-6630 levels: Mitesh Thacker

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

ET Now: What is your own sense it is going to be a truncated week of trade, what do you expect from the markets?

Mitesh Thacker: More of consolidation, there is no doubt that there has been significant loss of momentum on the intraday charts but what is important is that we have kind of held about the hourly averages.

So the way I will approach the market is that if we start getting below 6740-6730, which is very close to today’s low as well, then I would advice kind of lightening up on the long positions.

We are possibly re-entering the range of about 6650-6630 on the downside to about 6800-6820 on the upside, so that is the kind of view I will trade. The buy signal which came on Wednesday with the strong rally is still intact but it is clearly weakening and if we start getting below 6740-6730 then it will be a good time to take out long positions, wait for declines to happen and then look for buying opportunities around 6650-6630 mark.