Nifty outlook, top stock picks by CapitalVia: Buy Zee Ent, Sell Tata Steel

Technical calls by Gaurav Garg, Head of Research, CapitalVia Global Research Limited- Investment Advisor

Nifty View: 

Market traded with a negative sentiment and closed below its 200-day EMA on Wednesday, ahead of weekly futures and options contract expiry. The index closed at 11,271.30 with a closing below 11,300 for the first time since May. Financials, auto, metal and pharma stocks were in the most pain during the session.  Foreign Institutional Investors (FIIs) sold $1.20 billion in July month and remained mute due to recent announcement regarding FPI’s tax norms.

As per Option data, Nifty has witnessed put unwinding at 11,300 strike and fresh call writing on 11,300 which clearly suggests shifting on