Stock picks of the day: Nifty likely to move in a range of 11,450-11,800 in next few days

A massive mandate to the incumbent party as BJP hit another historical benchmark by nearing the 300+ mark while NDA clinching the 345+ mark. This was much more what the market was expecting.

For markets, this means the smooth functioning of the existing policies, framework, economic activities and so much. This is a big thumbs up which means that all the work that has been in place for last few years would continue to function.

The Nifty50 hit a new all-time high of 12,041 but ended the day on the back of profit booking which was largely on expected lines.

Equity markets have discounted the Modi verdict in the last few months. Though the tub-thumbing victory may need to be digested by markets.

Derivatives data pointed to a range bound action and that is what we have seen with Nifty not able to surpass 12100 while it may continue to take support around 11,500. We have seen both calls and puts being hammered today amid declining volatility.