Bank Nifty may head towards 19,000-19,150 in the short term: Mitesh Thacker

In an interview with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on markets. Excerpts:

ET Now: Your call on the index and also the Bank Nifty in the way we close today?

Mitesh Thacker: Among the indices, the Bank Nifty has given a breakout or rather a fresh breakout after a good move last week, then it dipped because of the Greece news coming into picture but the Bank Nifty has managed to capture those levels and close above that. Also 18,500 was an important weekly pivot that has been crossed, so the Bank Nifty might head towards 19,000-19,150 in the short term, possibly even higher but these are the minimum targets which I expect the Bank Nifty to meet led by private sector banks and couple of PSU names.

The Nifty similarly is on the verge of giving a breakout of 8500-8490 levels. These are the levels where some kind of pivot points are placed and a declining trend line resistance comes in. So, if we start getting past 8500 and close above it, it should possibly pave way for the Nifty to head higher to about levels of 8650 or even 8750.