Stock picks podcast for July 12, 2018

The Nifty started off slightly higher and remained volatile throughout the session before closing flat. After a breakout above the trend line on the daily chart, the index has shown signs of exhaustion.

On the daily chart, Nifty formed a Doji kind of formation which suggests halt of the current rally in the market. The momentum oscillator, relative strength index (RSI) has entered in a bullish crossover and currently staying above the 60 mark.

On the options front, 11,000 call has seen highest active participation, whereas 10,600 put have remained most active. Going forward, the market may remain positive. At the higher end, Nifty may face strong resistance at 11,000.

Sustained trades above 11,000 will induce further rally in stocks. On the lower-end, support is seen at falling trend line which is currently pegged at 10,840.