Go short if Nifty does not hold 4075: Mitesh Thacker

Published on Tue, Jul 14, 2009 at 10:17 |  Source : CNBC-TV18

Updated at Wed, Jul 15, 2009 at 08:51  

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Mitesh Thacker, Technical Analyst, miteshthacker.com

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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.

Also read: Mkts upswing may resume from Oct '09: AMP Capital

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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