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Market may go above 7700 if Bank Nifty is positive after RBI policy review: Mitesh Thacker

If the Bank Nifty does not have any kind of negative event, the market momentum should spill over and we might actually see a breakout above 7700.

ET Now|
Updated: Aug 04, 2014, 05.11 PM IST
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If the Bank Nifty does not have any kind of negative event, the market momentum should spill over and we might actually see a breakout above 7700.
If the Bank Nifty does not have any kind of negative event, the market momentum should spill over and we might actually see a breakout above 7700.
In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on market outlook:

ET Now: How would you look at Nifty trade for the week?

Mitesh Thacker: Tomorrow could be a very decisive day given the RBI policy review. For the time being, I would still maintain my outlook that it remains a stock specific market.

What has happened on a positive note today is that the cyclicals which were actually showing signals of weakness, for example couple of metal names, have come back very nicely. Bank Nifty is positive. Also, it did not close as strongly as Nifty but it did not close in the red as well, so the Bank Nifty has managed to close with reasonable strength, while IT index clearly came back into some kind of strong mode.

If the Bank Nifty does not have any kind of negative event, the market momentum should spill over and we might actually see a breakout above 7700 which might take us closer to the higher end of the range at about 7800 or so.

Therefore, tomorrow will be an event specific day but till then this remains a good trading market from a stock specific point of view.

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