Stock picks of the day: Nifty is likely to trade in the range of 11950-11650 with a mixed bias

Nifty50 started the week on a flat note and remained in narrow trading range throughout the week. The Nifty closed at 11,789 with a gain of 65 points on a weekly basis.

On the weekly chart, the index has formed a small Bullish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction.

Since the past 5-6 weeks, the index is consolidating within a broad range of 12050-11600 levels representing a short-term sideways trend. Hence, any breakout or breakdown will give direction to the market.

The chart pattern suggests that if Nifty crosses and sustains above 11880 levels then it would witness buying which could take the index towards 11950-12030 levels.

However, if the index breaks below 11700 levels it would witness selling which would take the index towards 11650-11550. The Nifty is trading below its 20-days SMA's which are important short-term moving average.