Wait for dips in Kingfisher, Spice, says Mitesh Thacker

In an interview with CNBC-TV18, Mitesh Thacker, Technical Analyst said, that it is difficult to take a call on the market in the short-term.

"We are taking some kind of a stock specific approach. We are very clear on this because after you had a very big rally, the trader in his mind has to adjust if there is a possibility of 100 points dip," he added.  Below is the verbatim transcript of Thacker's interview with Udayan Mukherjee and Mitali Mukhejree of CNBC-TV18. Also watch the accompanying video. Q: TS Harihar says it makes more sense to hold rupee assets than to hold dollar assets, technically would do you think? Do you second that? A: It is a difficult call to take in the short-term. Every trader is going through this question how the markets will react in the short-term. We are taking some kind of a stock specific approach. We are very clear on this because after you had a very big rally, the trader in his mind has to adjust if there is a possibility of 100 points dip. It is difficult to catch which day it will happen but this possibility is always there. We are kind of overbought on short-term charts. The 100 point fall in the Nifty can anytime occur. It is more to do with how to adjust your trading techniques. Q: What about the big pullback in many real estate stocks, HDIL, Unitech anything that you would trade there on the long side? A: We have liked this sector purely because after long time we are seeing some kind of higher-top, higher-bottom formation happening in these stocks. At these levels you might not get very good trading opportunity. In the sense that, the risk reward equation may not be skewed in the favour of long positions but Unitech still makes a lot of sense. It is kind of catching up late because of the other issues which this stock has been going through. Yesterday, we saw some kind of fresh breakout though. The initial breakout had happened at Rs 38-38.50, but the follow up happened yesterday that stock could do well. I think, Rs 49-50 could be tested over the next couple of days. So, that is one stock I would still look for buying in case there is some kind of 50-80 odd point correction in the markets. Q: How would you approach names like Polaris and Hexaware now? A: We are seeing some good kind of technical action happening over there. In fact, Polaris seems very interesting there seems a possibility of a good breakout happening. We have not had a weekly closing above Rs 200-205 levels for the last 12 months. Broadly, if you look at about a year