Upsides would be capped in IT: Thacker

Excerpts from Closing Bell on CNBC-TV18 Watch the full show »

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that upsides would be capped in IT.

Thacker told CNBC-TV18, "I am not sure whether we are making some kind of intermediate top because as of now what we have seen is that couple of days back IT was still making newer highs. So while that is happening, we still cannot call a top but technically I think an important observation is that the indicators have slowed down. Very clearly they are losing momentum, the speed is gone. So I think maybe around these levels, you will see some kind of supply emerge, the speed of upmove will slowdown and eventually the price might reverse so I think it might still take some time but I think upsides would be capped in IT."