Stock picks of the day: Nifty likely to trade in a range; 11480 crucial support

The Indian equity market traded in volatile regime during F&O expiry-week after making a record high level, but it failed to sustain the upward momentum and slipped below its psychological level on a closing basis on Thursday.

The move of the US government to eliminate sanctions waiver on Iran oil imports (countries) and subsequent rally in the crude oil price to a high of $75 odd levels dented the market sentiment negatively. 

Further, weakness in the rupee against the dollar at Rs. 70 odd levels coupled with mixed Q4 earnings led to sideways session.

During the week under review, the Nifty index slipped below its psychological level of 11700 levels on closing basis. Despite making a weekly high of 11796 levels, it failed to sustain and made a weekly low of 11564.