Stock picks of the day: A break below 11,590 could take Nifty towards 11,425

The S&P BSE Sensex rose 66 points while the Nifty50 closed flat at 11691 on Wednesday.

Even though benchmark indices closed flat-to-higher, big carnage was seen in individual stocks largely from the broader market space. The S&P BSE Midcap and Smallcap both ended with losses of 0.7 percent and 1.4 percent respectively.

If Nifty crosses above 11750 levels, a bounce back towards 11820 and then possibly 11870 levels can be expected. On the downside, the market has support at 11590 levels which is the top of the rising gap. A break below this can take the index towards 11,425 filling the gap area.

In Nifty options, maximum open interest for Put is seen at strike price 11,500 followed by 11,700 while for Call maximum open interest is seen at 12,000 followed by 11,900. Put writing was seen in 11,700 and 11,500 along with Call writing in 11,700.