Stock picks of the day: PVR, Aurobindo Pharma among 3 stocks which could rally 13-20%

Nifty gave up early gains and closed in negative on Thursday but above its crucial support level of 11700. The S&P BSE Sensex failed to hold on to its crucial support of 39000.

Though Nifty witnessed breakout above its previous high of 11,760 and touched a new all-time high of 11,856; the market is largely sideways in the range of 250 points for last four weeks. 

The index hasn’t broken its previous swing low of 11,550 thus, maintaining the sequence of higher highs and high lows. Hence 11,550 becomes a pivotal support level for the market.

However, breaking below 11,550, the market will see a break in the current uptrend and profit booking will emerge in the market initially towards 11,350-11,310 levels.