PSU banking enjoying momentum in the short term: Mitesh Thacker

ET Now: You own sense of the session today?

Mitesh Thacker: Quite positive in the sense that we kind of did an intra-day breach of 5840-5850 and immediately bounced back. The fact that it was not a very positive news flow and yet we managed to bounce back after giving a breakdown typically is a kind of trap on the lower side and lot of bears or weak bulls will be trapped over there.

These kind of signals generally lead to a breakout in the next couple of days and that is the theme which I am following. I am now bracing myself for a possible breakout above this range of 5950-5960 and therefore looking at targets of 6050 even 6100 to be tested in the next couple of weeks. It is the PSU banking lot as well as the metals index which is enjoying this momentum in the short term.