Stock picks of the day: Nifty likely to find immediate support at 11,650

Markets consolidated further for the third successive week and ended marginally lower, tracking mixed cues for the week ended June 14. The bias was slightly on the positive side in the first two sessions, thanks to favourable global cues however buying was restricted largely to selective index majors.

Markets started the week on a feeble note and lost over a percent. Weak global cues combined with feeble domestic data were weighing on the sentiment from the beginning on Monday.

It gradually drifted lower as the day progressed and settled around the day’s low. All the sectoral indices traded in line with the benchmark index and ended lower.

The markets are currently facing headwinds from both domestic and global front, citing delay in the arrival of monsoon, lingering geopolitical tension and rebound in the crude oil prices.

Earlier, it was only the broader indices which were feeling the pinch and now the benchmark has also joined in. We suggest keeping a check on leveraged positions and avoid averaging loss-making trades. The Nifty has immediate support at 11,650 and below that selling may intensify further.