Nifty likely to climb to 8,550-8,630 levels in short term: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on where the market is headed towards.

ET Now: What is you view on the market?

Mitesh Thacker: I would be slightly more positive on the market now. Both Bank Nifty and the midcap index have given strong buy signals. That could possibly carry Nifty on the upside.

We have been talking about the CNX IT, but at least on the intraday basis, it has managed to recapture 11,000 towards the end of Monday’s trading session. If it stops falling, then Bank Nifty and midcap index or the energy sector could possibly pull the Nifty on the upside. I would look at short-term targets of 8,550-8,630.

I would be more of a buyer of options as well as futures on the index side, and would be aggressively building long positions on individual stocks.