Markets improving and gaining in strength: Mitesh Thacker, miteshthacker.com

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

ET Now: It's been 53 points for the Nifty. Would you continue your bullish stance for the next few days?

Mitesh Thacker: Very much. Today what we have done is that with yesterday’s strong day, some kind of follow-up has emerged. The day may have been a bit subdued in parts, but in the process we have seen lot of positive crossovers happening on the short term and on the immediate charts, as far as indicators are concerned. So, that is a nice set-up.

It is improving and gaining in strength. As long as we do not start getting below 7330-7340, the bias should be on the positive side. I have an expectation that the Nifty might get past 7500 and post new highs, somewhere around 7650 or so. Therefore, I would be trading with positive bias.

The favoured sectors in the short term would be metals. CNX metal has given a good breakout. A lot of individual stocks have given strong buy signals. Realty has also picked up towards that end of the session. So that is where some kind of action could happen in the next few days.