Stock picks of the day: Nifty likely to consolidate within 11,600-12,000 range

Markets took a breather last week and ended with marginal loss as participants preferred to book some profit after the recent surge. The beginning was upbeat, taking cues from encouraging GST collection numbers.

However, profit taking in the following sessions not only eliminated the gains but also pushed the benchmark in red. A mixed trend was witnessed on the sectoral front while the broader indices ended lower by over 1 percent each.

Among the benchmark indices, the Nifty50 finally settled at 11,870.65; down by 0.44 percent, after making a new record high at 12,103.05.

This week, participants will largely be eyeing the progress of monsoon and macroeconomic data. On macroeconomic front, IIP and CPI inflation data are scheduled on June 12 and WPI inflation data on June 14.