Nifty outlook and stock picks by Gaurav Garg: Buy Mindtree, CESC

We can witness short-covering move along with addition of fresh position only if Nifty breaches 13.200

Market traded with huge volatility on Wednesday, and recovered smartly from intra-day lows of 12,983.90. The Nifty index closed above its key support placed at 13,000. Nifty Bank was in pressure as it closed with more than 1 per cent decline. Nifty closed at 13,113.80, adding 4.80 points. Metal, auto and realty traded with positive sentiments, whereas banking and financial stocks closed with red mark. Nifty bank closed at 29,463.20, down 354.60 points from the previous day's closing.

As per weekly option data, heavy put writing on lower strikes, ranging from 12,800 to 13,050, is witnessed which shows Nifty might face