Stock picks of the day: 'Nifty likely to be 11,549-11,856 range; avoid aggressive positions'

Nifty clocked a new record high of 11,856.15. However, it turned out to be a formality as there was no follow-up momentum seen to extend the rally.

On April 26, market gave a hint of profit booking and a similar sort of decline was seen on the first day of the week gone by. 

Some macro factors like Brent Crude rising beyond its key levels of $73-74 weighed heavily on traders’ sentiments. Fortunately for us, the damage was not as severe as it looked like at one moment.

Due to some smart recovery in the latter half, Nifty managed to reclaim the 11,700 mark at the end of the week. There is a famous saying, all’s well that ends well and it goes perfectly with last week’s price development.