Stock Picks of the Day: 2 midcaps that could return 7-12%

The Nifty resumed its upward journey, which happens to be a minor fifth impulse wave following a brief fourth wave correction. Moreover, the index formed a double bottom at 10,925, while the relative strength index (RSI) took support at 60 levels and turned upwards suggesting that the bullishness is intact.

A sustained trade above 11,050 can extend the upmove towards levels of 11,175-11,250. However, a trade below the double bottom - 10,925 - can trigger a correction to 10,900-10,865 levels.