Stock picks of the day: Nifty likely to hover within 11,100-11,500 levels this week

Markets edged further lower for the third successive week and lost over a percent. The sentiment was downbeat from the beginning, citing weak progress of monsoon and disappointing earnings so far.

This week is going to be data-heavy as we’ve IIP and Markit Manufacturing PMI data scheduled on July 31 and August 1 respectively.

Besides, auto and cement companies will announce their monthly sales figures. Further, the progress of monsoon, FPI’s flow, crude oil movement and cues from the global markets will also be closely watched.

We expect continuous buzz on the earnings front as some of the prominent names like Axis Bank, Hero MotoCorp, Ashok Leyland, Eicher Motors, IOC, Bharti Airtel, ITC and SBI will announce their results during the week along with several others.

We feel that the trend reversal in the index is not going to be easy this time as disappointment from the earnings has spread over the index majors as well.