Stock picks of the day: Nifty likely to trade in a range of 11480-11850 this week

May 06, 02:00 AM

The Indian equity market traded in a volatile setup within rangebound level during the truncated session and continued to remain sideways without major direction throughout the week.

It failed to sustain upward momentum of the last week as weak auto sales continued in April coupled with mixed Q4FY19 earnings dented sentiments. 

Further, the sentiment remained globally weak after US Fed signaled no ‘rate-cut’ in near-term. Overall, the downside was capped as crude oil price took a breather to trade at $70 levels after reaching $75 odd levels.

During the week under review, the Nifty index despite slipping below its psychological level of 11,700 levels it managed to rebound at a later session. The Nifty index closed weekly session at 11,712.25 levels, down by about 0.4 percent on a weekly basis.