Podcast | Stock picks of the day: Key resistance for Nifty at 11,700 ahead of expiry

On the downside, the immediate support is placed at 11,500 levels for Nifty while 29,350-29,250 zone will act as a major support for Bank Nifty.

Benchmark index started the monthly expiry week on a negative note and extended its losses for the second consecutive session on the back of hefty profit booking in auto, banking and financial stocks.

On the derivative front, call writers were seen active in 11,700 strikes which now holds with a maximum open interest of more than 53 lakh shares and at the moment will act as a key resistance level from expiry point of view.

However, on the downside, the immediate support is placed at 11,500 levels for Nifty while 29,350-29,250 zone will act as a major support for Bank Nifty.

On the other hand, India VIX is also maintaining well above 24 levels which clearly indicates that volatility will likely grip the market in coming sessions as well with limited upside on cards.

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