We see some kind of reversal on intraday basis: Mitesh Thacker

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

ET Now: A slew of stocks which have done well, IDFC technically not a PSU but I am guessing that is your top recommendation at this point of time but a slew of stocks have done very well and as a number of pockets so it is PSUs there is infra, there is power etc. where would you be tempted as per the charts to keep your long positions on for the next couple of weeks?

Mitesh Thacker: The entire basket you would want to keep your long positions on what is happening is that after this stocks went through a number of months and quarters of underperformance they are playing catch up and there is no sign stopping them as yet. So we are still not seeing these stocks kind of come off their day’s high closing. They are over bought definitely but the momentum enjoyed is very strong plus the CNX midcap index and the small cap indices have given strong breakouts and they are seeing clear follow ups and most of these stocks form part of the midcap and the small cap indices. So I would be comfortable holding on to my long positions still we see some kind of reversal on intraday basis or a negative candlestick formation or some kind of selling from the day’s high.