Nifty to face tough resistance at 8,750-8,770 levels: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his view on how the market may behave on Thursday.

ET Now: How would you sum up Wednesday's trade. What does it suggest about Thursday's session?

Mitesh Thacker: This ongoing rally is still fragmented in the sense that while the market breadth and the broader market participation have been encouraging, trading on key indices is still hinting at caution.

Bank Nifty can possibly halt or make sure that Nifty does not get out of the ongoing range. I would keep a watch on levels of around 18,300-18,350 on the banking index. If the index breaks below the levels, then some shorting ideas can be explored in the banking space. Overall, it is a market which is trading with more of long bias. It is because the broader marketincluding mid and smallcap stocks are having good breakout. We are seeing good follow up buying happening after the breakouts.

Volumes have been very supportive. The broader market might not do much, if we get pass 8,750-8,770 on Nifty. If the index reaches those levels, then it will open doors for 8,950 levels. But, but for the time being, 8,750-8,770 on Nifty to get pass. On the downside,8,560-8,600 should act as a good support area.