Stock picks of the day: Nifty likely to consolidate in 11,450-11,650 range
Episode 1420, Jul 10, 2019, 02:00 AM
Indian markets registered sharp cuts on the first trading session after the Union Budget as Nifty slipped well below 11,600 mark on the back of a heavy selloff in bluechip stocks.
However, in Tuesday’s session somehow Nifty spot manages to take support at its 100-DEMA and ended the day above 11550 marks.
From derivative data, the call writers were active in 11600 and 11700 strikes along with marginal put writing in 11500 strikes.
In the coming sessions, we believe that as far Nifty is trading below 11700 mark, the market undertone is likely to remain bearish and we may witness some consolidation in the range of 11450-11650 with some volatility on cards.