Stock picks of the day: Only a breakout above 11,900 could result in a sustained upmove

Markets were highly volatile amid the expiry of the both the weekly as well as the monthly series. Series-wise, the Nifty50 ended in red for the first time in the past three months.

On the other hand, Bank nifty and midcap index posted gains for the third consecutive day. After enjoying a strong two-day run, Nifty hit the resistance of 11900 zone which was the previous breakout level, post which the index went onto hit fresh lifetime high.

Going forward, only a breakout above the 11900 zones could lead to a sustained up move. On the other hand, support levels are seen around the 11700 levels which is also its 50-days moving average.

Bank Nifty has led from the front and has been an outperformer. However, the index has formed a Doji candlestick pattern on the daily chart.

Going forward, only a break above the 31,500 could lead to a fresh up move. On the other hand, a breach below the 31,100 zones could drag the index into a consolidation phase.