Stock picks of the day: 12,000 Call Strike holds maximum OI of about 28 lakh shares

Indian benchmark index started this week on a negative note but some lower level buying was seen in Tuesday’s session specifically in auto and banking stocks which took Nifty above 11,650 mark.

At the current juncture, we believe that bulls are still keeping hold onto the markets and sooner or later Nifty index may also reach to its new peak in coming sessions. 

From the derivative front, consistent Put writing was observed in 11,500 and 11,600 strikes along with call unwinding in 11600 strike which clearly indicates the strength in the current trend.

On the higher side, 12000 call strike still holds with maximum open interest (OI) of more than 28 lakh shares which will act as a major hurdle for the index in this series.