Stocks picks of the day: Call writers were seen active in 11,800 & 11,900 strikes

Indian equity markets witnessed volatile swings in Tuesday’s session to end the day on a positive note with Nifty and BSE Sensex snapping four-day losing streak as investors turned cautious ahead of the crucial U.S Fed meet.

Though Nifty manage to close below 11,700 (Spot) mark but at the current juncture derivative data indicates that bulls and bears are likely to continue their tug of war in coming sessions as well.

Call writers were seen active in 11800 & 11900 strikes so far this week (weekly contract) while put writing in 11600 & 11700 strikes was seen in the monthly expiry contract.

On the technical front as well, The Nifty is trading at a strong support levels of 11650-11600 and in the coming sessions, we expect 11800 on the higher side and 11600 zone on the downside is very crucial for markets.

A break above 11800 levels could see further buying in Nifty while a break below 11600 could see bears reclaiming their hold on D-Street.