Medium-term trend still remains on the downside: Mitesh Thacker

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

ET Now: If Nifty tomorrow adds another 50 or 70 points, do you think then traders should cash out?

Mitesh Thacker: No, I would not be in hurry. While I do agree that the medium-term trend still remains on the downside, if we start getting pass 5460 in the immediate-term, we might see some more momentum to about 5550-5580 levels on the upside. There is still 100-120 points even after 5460. So just hold on, but I would explore aggressive short positions around those levels.