May take profits on long positions: Mitesh Thacker, miteshthacker.com
"Around 5,720-5,750, the upsides might be capped from those levels,"
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In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on the market:
ET Now: Are you betting on further up move for the markets next week?
Mitesh Thacker: There may not be upside in the immediate term. We might see supply coming again. Possibly, next week, we will be taking profits on long positions. The Bank Nifty might still pull on because they had a very strong correction on the downside. Therefore, the rebound can be slightly stronger than the rest of the pack.
It will be stock specific calls—stocks like Cipla and Cairn—which have shown individual strength. Some of the OMCs have given a breakout. Around 5,720-5,750, the upsides might be capped from those levels. We might see a choppy range-bound kind of an action which could be about 200-point kind range.
ET Now: Are you betting on further up move for the markets next week?
Mitesh Thacker: There may not be upside in the immediate term. We might see supply coming again. Possibly, next week, we will be taking profits on long positions. The Bank Nifty might still pull on because they had a very strong correction on the downside. Therefore, the rebound can be slightly stronger than the rest of the pack.
It will be stock specific calls—stocks like Cipla and Cairn—which have shown individual strength. Some of the OMCs have given a breakout. Around 5,720-5,750, the upsides might be capped from those levels. We might see a choppy range-bound kind of an action which could be about 200-point kind range.
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