Significant upsides unlikely; markets could be rangebound between 7670-7830: Mitesh Thacker, miteshthacker.com

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his outlook for the market.

ET Now: How are you assessing the new series?

Mitesh Thacker: First of all, the markets negated the intraday bounce back which happened yesterday. We are still above the key levels of 7680-7670, which is a 21-day exponential average.

If we start breaking below that, I would look for a further correction in the market. Anything below 7670-7680 would suggest possibly a decline all the way down to 7520-7500 on the index.

So, I would be approaching this market with some kind of caution. The level to watch on the downside is around 7680-7670.

But in case we manage to hold on to that, I do not see much upsides happening. It could be a dull range-bound market between 7670 and about 7830.