Stock picks of the day: 11,900-12,000 levels on Nifty remains to be a sturdy wall

The Finance Minister presented the actual Budget post which we witnessed a massive sell-off in the market which wiped out most of the weekly gains.

Since the last many months, the benchmark index has been showing tremendous outperformance but the broader market continues to remain in slumber.

Ahead of the Union budget, there were some hopes built in and people were expecting some triggers that will boost the traders’ confidence back into the mid and small cap pockets.

However, the kind of reaction we saw on Friday, clearly suggested disappointment and hence had an adverse reaction once the budget commentary concluded.

With this, the water has been poured on all expectations and market participants again have to wait for some other ray of hope.

As far as levels are concerned, we closed precisely at the key psychological level of 11800 after which next support zone lies around 11700-11630.