Nifty seeing support at 8,100; a breach may trigger further downside: Mitesh Thacker

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

ET Now: What is your own sense of what the market would do?

Mitesh Thacker: Nifty is finding support around 8,100 level. It managed to hold on to that level on Tuesday even as it fell below the level briefly in the morning trade. If the index starts breaking below 8,100, then I would be bit worried.

As of now, it looks like 8,100 to about 8,250 might be the range where the Nifty might chop around for next few days.

I would be more cautious on the long side. Individually, we have taken some kind of short exposure stocks-wise, but a key breakdown will happen once 8,050-8,030 breaks down. So, a fall below 8,100 breaking down will trigger a fall of another 70-80 points. If that happens, you are getting into a slightly declining kind of zone. For the time being, it is a stock specific market which is trading in a range. We will approach markets in that way, but if Nifty levels are triggered, we will take index positions as well.