Stock picks of the day: Voltas, Hindalco, Tata Chemicals among top ideas to go short

Indian markets again started this week on a negative note with the Nifty slipping to a three-month low on the back of weak corporate earnings and continuous selling by foreign portfolio investors (FPIs).

The sharp sell-off was witnessed in Auto, Metal, Banking and Financial stocks which dragged the Nifty below the 11,100 mark.

As per the derivative data, call writers are now actively adding open interest (OI) in 11,300 strikes which should act as a major hurdle for the Nifty in the August series.

On the technical front as well, the Nifty is constantly trading well below its long-term moving averages with continuous short build up into the prices.

In the coming sessions, we believe that bears are likely to keep control over the markets and the current trend is likely to remain under pressure with the Nifty moving towards 11,000-10,900 levels.

However, any technical bounce on the higher side should take resistance at 11,200-11,250 levels.