Go long on CNX IT and short on Bank Nifty: Mitesh Thacker

In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shared his views on market outlook.

What is the call on the markets and what are your stock recommendations?

On the index, we have been maintaining a very simple strategy of being long on the CNX IT and going short on the Bank Nifty but on the Nifty, we have not done any trades as such. I have spoken in the last few days many times about Nifty getting to around levels of 5760-5750. We are very close to practically those levels. These are important support areas though I do not think the chart has improved. What best can happen from current levels is some kind of a bounce back and given the fact that the global news flow is slightly negative, I am not sure whether that will also happen or not. But around 5750-5760 if somebody is carrying short, it's time to take part profits at least and trail your stop loss just beyond 5850.