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

Market traded range bound on Monday; Nifty need to hold 11,800 for further upside

Market traded with mixed sentiments throughout the day on Monday on strong global cues. Nifty closed at 11,884.50 shedding 11 points. Metal, PSU banks and pharmaceutical stocks traded with positive sentiments through the day and gained most among indices. Nifty bank closed at 30,992.10 losing 16.30 points from the previous day’s closing.
 

As per weekly option data, there is a handful of Put writing on lower strikes ranging from 11,700 to 11,900 which shows Nifty likely to take support in the zone of 11,800. Call