Stock picks of the day for August 16, 2018

The resistance faced by Nifty around 11,500 led to a quick correction towards 11,350. The index has been hovering within a narrow rising channel, and Nifty has found initial support at the lower band of this channel.

The momentum oscillator, daily RSI has been consolidating around the overbought zone; a negative divergence in the daily RSI may induce a bearish momentum over the near-term. In addition, daily MACD has just entered in a bearish crossover.

However, no major pattern breakdown is visible in the Nifty. On the higher end resistance is visible around 11,500; fresh longs may come in the market if Nifty sustains above 11,500.