Stock picks of the day: Markets to consolidate in the range of 11,800-12,100

After hitting a level of 12,100 last week, Nifty indices failed to confirm the attempted breakout and was seen consolidating in the range of 11,850-12,000 from the last three to four trading sessions.

From the derivative front, put writers were seen active in 11900 put strike (weekly) while marginal call writing was also observed in 12000 call strike.

Now, for the upcoming sessions, we expect Nifty is likely to face broader headwinds around strong resistance area in zone of 12050-12100 which can limit upside.

However, on the downside, 11800 levels will be the key levels to watch out for. Nevertheless, the undertone for the Indian markets will likely to remain bullish on the broader front as far we are trading above 11550-11500 levels.

But, on a shorter time frame, we expect markets to consolidate in the range of 11800-12100 and any decisive move beyond this range will add further momentum into the prices.