Risk-reward equation at current levels not favourable: Mitesh Thacker, miteshthacker.com

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on the current outlook of the market. Excerpts:

ET Now: What is your outlook of the current situation of the market?

Mitesh Thacker: We might get a very volatile and choppy, yet, a slow up move. It still remains a very stock specific market; the breadth remains quite positive with nearly 2:1 as the objective.

Historically, what we have seen is that if you buy anything aggressively beyond 6,050-levels, it has not given good results. Thus, I am not sure whether we will get past 6,050-6,190 levels. Currently, the risk-reward equation is not very favoured.

We are trading in the long side but the intensity or the aggressiveness has come down; it still remains a market where a lot of midcaps or under performing stocks can do well. However, these are the not the stocks which will have the power to carry the index into newer highs.