Stock picks of the day: Market in a sweet spot! Nifty likely to trade in 11,000-11,400 range

Nifty50 index which had retraced 50 percent of the up move of 10,650-11,650 levels near to 11,100 levels recorded a bounce back on Wednesday. The index closed with gains of 186 points at 11,313.

We believe that Nifty should trade in the range of 11,000-11,400 levels over the next few weeks while Bank Nifty can gain positive momentum once it crosses the 200-day average placed at 28,870 levels. Nifty Bank closed with gains of 1,018 points at 28,785.

With the second-quarter results started to pour in from this week, it should provide individual stock specific movement from the current levels.

The Nifty midcap index has made a triple bottom on the monthly charts in the range of 15,000-15,300 levels which indicates that the broader markets are in a sweet spot and any incremental positive news flow from the domestic or global markets would lead to positive momentum.