Market bias is slightly on the declining side: Mitesh Thacker, miteshthacker.com

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, talks about the markets.

ET Now: What is your own sense of the markets' move? Also, give us your stock-specific strategies?

Mitesh Thacker: The market is not going anywhere. My sense is that we might not do much on the Nifty. Serious moves will happen if you break below 7600 or possibly start moving above 7755.

I do not think we are going anywhere. Most of the indicators are flat. Also, we do not have any kind of position or rational bias as of now.

But it is clearly a stock-specific market. You are seeing some pockets of strength and some pockets of weakness as well. So, we are trading with the merit on individual stock basis.

ET Now: Your closing thoughts on the market?

Mitesh Thacker: The market is still looking range-bound to me. 7600-7755 should be the trigger. The next few days might be spent in this 150 point range.

If you break 7600, then you might go around about 7530, and then the recent lows of 7460. While a break on the 7755 would suggest a retest from the earlier highs of 7835, on a personal basis my bias is slightly on the negative side. The Bank Nifty to me still appears weak. It could possibly in the next few days pull the Nifty down.

So, with some kind of choppiness, the bias is slightly on the declining side.