Markets to remain negetive next week: Mitesh Thacker

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

ET Now: What is your own assessment of the coming week?

Mitesh Thacker: One we have closed at the lower end of the trading range which is around 6120. You can see that the CNX IT had a positive day. My belief is that with today’s price action the overall structure or the Nifty chart is kind of weakened. This 100 point range should break on the downside by another 100 points and we will head towards levels of around 6030-6025. So I would be slightly negative, use intraday rallies to sell and the key level which we watch on the intraday trading is around levels of 6170-6175. If those levels are not being crossed we will continue to possibly add slowly on the short side.