Go short if Nifty does not hold 4075: Mitesh Thacker

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Go short if Nifty does not hold 4075: Mitesh Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com, said he is looking for some kind of a bounce back. “I think 4,075 and 4,125 are the two levels which I will be watching very closely and if we see some kind of weakness emerging after the Nifty hits those levels then it will be good time to get in the short side again,” he said.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker See what other Experts & Brokerages are saying about Balrampur Chini See messages about Balrampur Chini Nifty BSE | NSE 10/02/12 Are Mutual Funds betting on Nifty? Other Stocks in this news Bajaj Hindusthan | SREI Infrastructure Finance | Alok Industries | Arvind | S Kumars Nationwide | ICICI Bank | Axis Bank | HDFC Bank | Aban Offshore | Infrastructure Development Finance Company |

Mitesh Thacker, Technical Analyst, miteshthacker.com, said the market had seen a 10-11% decline, which implies around 15-20% fall in the individual stocks, especially, the high-beta ones.

Thacker said that he was looking for some kind of a bounce back. "I think 4,075 and 4,125 are the two levels which I will be watching very closely and if we see some kind of weakness emerging after the Nifty hits those levels, it will be good time to get in the short side again," he said.

Here is a verbatim transcript of the exclusive interview with Mitesh Thacker on CNBC-TV18. Also watch the accompanying video.

Q: Till yesterday the call for lot of traders was 4,000 plus Nifty implies an opportunity to put a short in would you go with that this morning?
A: Yes, in a sense that I don't think this entire leg of decline is over but what might happen is the fact that after the budget we have seen good 10-11% decline in the markets which implies around 15-20% fall in the individual stocks, especially the high beta stocks. Probably what we have seen is extremely oversold readings on intraday charts and yesterday Nifty at spot levels of 3,930-3,940 we saw Nifty taking support time and again. There were kind of multiple bottoms being formed on intra-day charts around that range.

So we are basically looking for some kind of a bounce back. I think 4,075 and 4,125 are the two levels which I will be watching very closely and if we see some kind of weakness emerging after the Nifty hits those levels then it will be good time to get in the short side again.

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