Stock pick of the day: Nifty likely to find support near 11,550 ahead of expiry

Indian market broke below crucial support levels on Monday after making a fresh lifetime-highs on intraday basis last week.

The index made a weekly low of 11,550 levels which will now act as a crucial support for the index, and a record high of 11,856. 

Going forward, the likelihood of volatility cannot be ruled out ahead of current month’s F&O expiry next week, and sluggish growth outlook as indicated by big corporate which also is expected to halt the momentum.

Further, the second phase of election and remaining polling days will keep the market in tight rangebound levels. We advise investors to remain selective on long-position and maintain a weekly level of 11,856 levels on upside and 11,550 levels on the downside.