Stock picks of the day: Strong support for Nifty placed around 11,200; Voltas, Pfizer top buy ideas

Indices witnessed a dramatic turnaround on September 20, when Finance Minister announced corporate tax cut from 35 percent to 25 percent. Since then, the entire chart structure has made a drastically positive change in Nifty and banking index.

Benchmark index witnessed profit booking on September 25 after a historical up move. Despite recent indecisive set up, the view will remain positive as its key technical indicator was positively poised above their averages and signals strength at current set up. The 100 day simple moving average is currently pegged near 11400, which will act as a crucial support in coming days.

In case the index slips below the upper band of recent positive gap (placed near 11,400 level), a near-term corrective move cannot be ruled out. On the lower side, Nifty will find strong support around 11,200 mark, which is supported by a 50 EMA on weekly interval. However a stable move above its mid-July high (placed at 11,707 level) will bring back the exuberance of climbing higher levels back in trade. In case of breakout, the index will face hurdle around its psychological level of 12,000.