Nifty may see selling pressure at around 8,200-8,220 levels: 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 the strategy you would adopt on Friday?

Mitesh Thacker: The market seems to be in bear grip. It is getting throwbacks because it has fallen too fast in the last few days. That said, anything around 8,200-8,220 on Nifty would be excellent levels where the market will face a lot of supply. On rallies, I would still prefer to short this market.
Nonetheless, one would still see long opportunities. We have started liking stocks such as Reliance Industries in the last few days. UPL is another stock which is showing some strength. Therefore, you would trade with both longs and shorts, but clearly the idea is to be more aggressive on the short side.
Eventually, today's low on Nifty would be broken. It could happen in two-five day's but eventually we will head towards 7,920-7,940.