Nifty likely to test 7,830 in 2-3 trading sessions: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on the levels where the Nifty will bottom out.

ET Now: What is your view on Nifty?

Mitesh Thacker: Nifty has breached an important low (of 8,000). Now, it has become a difficult level for the Nifty to get past that level. On the downside, we have talked about levels closer to about 7,830-7,850. That should be the first target for Nifty. Looking at the way the market has fallen, this could be tested in the next one-two sessions. We will get a bounce back only after revisiting those levels.

Overall, this market remains more on the negative side. One may look at trading for more of short ideas. Keep an eye on stocks such as Kotak Mahindra Bank, Aurobindo Pharma and Sobha Developers, which are making fresh swing lows.

That is the way to approach trading in the next few days. We will be trading aggressively more on the short side and looking at lower levels on stocks as well. For the Bank Nifty, a similar corresponding level to the Nifty (at 7,830) would be around 17,000. Around those levels, we will get few days of pullback.

Overall, this market will more likely to drift on the downside and eventually those lows will also be broken.