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Index recovers but still on the negative side: 

In a chat with ET Now, Mitesh Thacker of miteshthacker.com, shares his views on his strategy. 

ET Now: What about your overall strategy on the index and also your specific recommendations, I see a sell on Sun TVBSE -0.89 % and a sell on Axis Bank? 

Mitesh Thacker: While the index has kind of managed to recover, and I must say that is a slightly more than positive recovery in a sense that I was not expecting such a strong bounce back given the fact that we were running in for a weekend. But from 5850-5840 odd levels we have had a nice bounce. But the direction remains on the negative side. 

I do not think there is any change in the bias or the possible trend which can evolve over the next few days. So my belief is that we still possibly somewhere again re-test levels of 5840-5835. For the time, we are still trading short on the stock side. 

Axis BankBSE 0.89 % is a short but here I have given a conditional short in the sense that I would want the stock to start trading below 1420 and today's low is around 1420.10 or 20 on the NSE that is the 34-day exponential average. So once the stock starts trading below that, that will be good level to initiate short positions, sell on a break below 1420 and then keep a stop at about 1437 and look for target of 1385.