Nifty heading towards 8,200: Mitesh Thacker

In a chat with ET Now Mitesh Thacker, Technical Analyst, miteshthacker.com shares his trading startegy for tomorrow.

ET Now: Two days about 100 points each, broader markets correcting more, what happens the rest of the week, how would you approach trade starting tomorrow morning?

Mitesh Thacker: See what is important is that it has been two days of sharp correction. The trend is clearly on the downside so if somebody has not exited long, it is bad news but now you might want to take or look at fresh shorts or some kind of pullback or bounce back so anything around 8,400 to about 8,420 would be excellent levels to initiate fresh shorts.

We are eventually heading towards 8,200 to about 8,180 on the downside and that is where some kind of support and consolidation might happen but for the time being the trend is on the downside, use bounce backs to sell if you are holding only short positions, keep holding them.