Stock picks of the day: Bulls to remain in control as long as Nifty trades above 11,750
Episode 1396, Jul 04, 2019, 02:00 AM
Nifty50 witnessed narrow range trading throughout the session on Wednesday before closing flat near Wednesday’s candle high. Over the past couple of weeks, the index is consolidating within 11650 – 11900 levels indicating short-term consolidation.
On the weekly timeframe, the benchmark index is trading in a Higher High, and Higher Low formation which is a clue that buying on dips strategy will work in the current market setup.
In the market, IT stocks ended the session as worst performer whereas PSU bank outperformed the benchmark index for the day. The volatility index India VIX has witnessed a fall of 4.92 percent during the day.
On the options front, 12500 and 12000 Calls added most open interest (OI) whereas 11900 and 11700 Puts ended as a most active.
The bias is expected to remain positive as long as Nifty is trading above 11750, which had earlier acted as the short-term resistance.