11850-12050 is an immediate range: Angel Broking

Derivatives view by Ms. Sneha Seth (Derivatives Analyst, Angel Broking):

"After three consecutive sessions winning streak, the benchmark index concluded the day in red. We started-off the session on a negative note and saw follow-up selling in the early morning trade. Post some consolidation for the remaining part of the day, Nifty ended the session half a percent lower.

Recently, we saw long addition in Nifty futures and today it was more of profit booking that took place. Meanwhile, we witnessed good amount of build-up in 11900-12000 call options followed by some unwinding in 12200 and 12300 strikes. On the other side, 11800 added fresh position and decent unwinding was seen in 11900-12000 puts. At current juncture, 11800-11850 is an immediate base for the Nifty; whereas, resistance is placed around 12000-12050. It has been observed, that the Metal counters has been showing some respite after quite some time. Considering the long formation seen in the few individual counters we expect further upside in this space going ahead."

Source : Equity Bulls

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