Stocks picks of the day: 11400-11450 likely to act as key resistance for Nifty

After witnessing a volatile session in Tuesday’s trade Nifty indices ended the day in the negative zone for the fourth consecutive session and closed well below 11,350 mark, majorly dragged by banking, auto and pharma counter.

From the derivative front, 11,400 levels would be a crucial level from expiry point of view as call writers are still holding the open interest of nearly 35 lakh shares in 11400 strikes.

However, any decisive break below 11,300 could add further selling pressure in Nifty. From the technical front, the 200-days exponential moving average is likely to act as crucial support for the index.

The overall breadth of the market is slightly bearish as of now and we expect that any technical bounce should be used to create fresh short positions.

From the technical front, on the upside, 11,400-11,450 would be key resistance for Nifty with the current trend moving towards 11200-11150 levels.