Nifty eyes 8,780-8,830 levels; index likely to find support at 8,550: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on the levels Nifty may test in the days to come.

ET Now: What is your view on the market? I bet you will talk about more upmove from prevailing levels. But how do you play the market now?

Mitesh Thacker: You are right. Clearly, the market should move higher from present levels. What is important is that Nifty on Wednesday closed above the band of 8,500-8,550, which was an important level for the index for the two-three short term upswings. Now, since we are firmly above that range, it becomes some kind of support base in the short-term.

So 8,550-8,500 should now be a very good strong support zone, with a short-to-medium term kind of perspective. I have talked about targets around 8,780 to about 8,830 on the upside. We are possibly heading towards those levels.

We will take a recall once we revisit those levels . But in the short term, it looks like that midcap pharma, banking names and Reliance Industries appears to be the area where I would possibly look for more and more trading opportunities.