Stock picks of the day: Failure to sustain above 11100 may trigger a long unwinding

The Nifty closed above the previous swing high after a positive trading session which suggests that the trend is now positive. On the other hand, the Nifty has given an ascending triangle breakout on the daily chart confirming the bullish set up for the short term.

The daily RSI is in a bullish crossover and is rising with a current reading of 64.23. The daily MACD is in a bullish crossover and is currently reading above the line of polarity. 

On the options front, maximum open interest position is visible in 11000 CE (34.98 lakh shares) and 10700 PE (34.88 lakh shares); followed by 11200CE (22.72 lakh shares) and 10400 PE (33.56 lakh shares).

Going forward, 11100 is expected to act as immediate resistance for the Nifty. A sustained trade above 11100 may induce rally towards 11300-11400 over the short term.