Stock picks of the day: 11,500 on Nifty & 29,400 for Bank Nifty will act as key supports

It has been a volatile week for Indian markets, as a tug of war between the bulls and bears is keeping the index on a roller coaster ride.

We have observed a long rollover to May series. From the derivative front, call writers covered their short positions and put writers were actively selling 11700 & 11800 puts which suggest that bulls are more or likely to try and make a comeback.

Additionally, the India VIX has also cooled off from its recent highs of 24 levels. From technical front 11500 levels for Nifty while 29400 for bank nifty will be key support levels.

On the higher side, any decisive move above 11850 in Nifty can add further follow up buying into the index. We believe that the current trend is likely to remain choppy with continuous volatility on cards ahead of political uncertainty over upcoming election results.