Expect market to be subdued due to RBI policy meet: Mitesh Thacker, miteshthacker.com
"On Wednesday, we may be in better place to know whether levels of 6150 is giving away, are we breaking down, or will we get a bounce back from current levels," Thacker said.
ET Now: How are you positioning yourself, given the policy risk technically right now?
Mitesh Thacker: The market could be subdued because of the RBI policy event. While we have seen and heard about expectations, we have not seen a strong reaction to the bad news or perceived bad news on Monday and we have not seen much movement today.
Maybe, on Wednesday, we will be in better place to know whether levels of 6150 is giving away, are we breaking down, or will we get a bounce back from current levels.
However, on the upside, unless we start getting past levels of 6220-6230, it will not make sense to take long positions. In case we go to those levels and show weakness again, it will again be a fresh shorting invitation.