Stock picks of the day: 11,700 on Nifty will act as tough resistance ahead of expiry
Episode 1116, Apr 24, 2019, 02:00 AM
Benchmark index started the monthly expiry week on a negative note and extended its losses for the second consecutive session on the back of hefty profit booking in auto, banking and financial stocks.
From the derivative front call writers were seen active in 11700 strikes which now holds with a maximum open interest of more than 53 lakh shares and at the moment will act as a key resistance level from expiry point of view.
However, on the downside, the immediate support is placed at 11500 levels for Nifty while 29,350-29,250 zone will act as a major support for Bank Nifty.