Stock picks of the day: A close above 11,300-11,350 could trigger short coverings
Episode 1192, May 15, 2019, 02:00 AM
Nifty reversed its nine sessions losing streak and once again reclaimed 11200 levels, supported by gains in pharma, banking, and energy stocks.
From the derivative front, 11,100 and 11,000 levels are very crucial support levels for Nifty in this week, as Put writers are holding maximum open interest in these strikes.
From the technical front as well, the long-term moving average is placed around 11000 levels on the daily charts which will act as major support for the index.
On the upside, 11300-11350 levels will act as immediate resistance and any sharp recovery above these levels can trigger another round of short covering till 11450 levels.