Stock picks of the day: Rise in VIX indicates limited upside in market; remain stock specific

Apr 12, 2019, 02:00 AM

Nifty50 continued to grind in a narrow trading band. The Double Top formation and Doji candlestick pattern formation on the weekly chart continue to act as pain points.

The current weakness is likely to get extended further only if the weekly Doji pattern low of 11,559 is broken on a closing basis, which is acting as crucial support. While on the upside11700 is the important resistance to watch out for. 

On the other hand, Bank Nifty is leading the decline as the index has cracked below crucial support of 30,000 psychological levels.

Going forward, the 29300 zone is important to support. Also, the sudden spike in VIX indicates limited upside with a volatile swing in the market.