See this week's upside continuing in next week too: Mitesh Thacker, miteshthacker.com

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, talks about the market.

ET Now: How would you want to approach trade on the Nifty? Is it prudent enough to go long even at these levels? Assuming that this a pre-budget rally, what are your stock-specific strategies?

Mitesh Thacker: It is a continuation of the same rally which had started with the election results. So, if somebody had missed out on going long, then keeping a stop at 7480 it might still be a good trade to take further long or fresh long positions at current levels. We have capped up today, maintained the gap and continued to move up. We closing the week nearly at the highs of the week. There is a good chance that the momentum will spill over into the next week and we will see the upside continue.

What might also be encouraging is that the Bank Nifty is close to 15515-15550 levels. If the Bank Nifty starts getting past those levels, then the Nifty clearly will be one of the beneficiaries of the Bank Nifty moving up. The Bank Nifty could have a target of around 16500 which would clearly push the Nifty up.