Stock picks of the day: Nifty likely to face resistance around 11,775 levels
Episode 1453, Jul 18, 2019, 02:00 AM
Nifty50 has been consolidating in a narrow range after giving a negative reaction on account of the budget. The index managed to defend the 11500-11460 mark and witnessed a bounce back from lower levels which is a positive sign.
The trend remains positive but the momentum is still missing. Since the past couple of days, we have witnessed a negative breath in benchmark index which is a sign of limited liquidity.
The Nifty50 opened on a positive note and traded in a very narrow range and formed a spinning top candlestick pattern on the daily chart.
BankNifty again defended its 30,200 marks and bounced higher which is supported by a 50-day exponential moving average (EMA).