Stock picks of the day: Nifty to trade in a broader range of 11400-12000 for this week

After a record run to its all-time highs on the back of exit polls for Lok Sabha Election 2019, both Nifty and Bank Nifty reversed their gains in Tuesday’s session to end the day on a negative note on the back of profit booking.

From the derivative front, we have observed call writing in 12000 call strike which will act as a crucial resistance level for Nifty moving forward. 

However, volatility is likely to grip the market at least for the next two trading sessions. Traders will keenly wait for actual results on May 23.

From the technical front as well, we expect markets to be on a roller coaster ride within the broader range of 11400-12000 for this week as bulls will be in a tug of war with bears to decisively move the market towards new highs.