Stock picks of the day: Nifty could see follow through buying in coming sessions
Episode 1448, Jul 17, 2019, 02:00 AM
Indian markets registered sharp gains in Tuesday’s session as Nifty50 once again reclaimed 11,650 mark on local bourses on the back of a recovery in Pharma, Reality and Auto stocks.
The derivative data has also shown some improvement at the support levels after last week steep fall. Put writers were seen active in 11600 & 11500 strikes in the weekly contract along with marginal call unwinding.
From technical front as well, Nifty and Bank Nifty both the indices manage to hold above its 100-days exponential moving average (EMA) on the daily charts which is once again a positive signal for the markets moving forward.
We believe that the Nifty can witness a follow-through buying in the coming sessions towards 11,780-11,800 mark while on the downside 11600-11550 level will act as strong support for the index.