Stock picks of the day: 11,100 will act as immediate support for the Nifty50

Bears gripped the market on Thursday after a strong rally seen in the previous session. Benchmark indices have given up almost 50 percent of the gains made in the previous session.

The S&P BSE Sensex gave up 38,000, as it fell 297 points to 37,880 while the Nifty50 closed 78 points lower at 11,234 on Thursday.

We expect the markets to retrace some of the losses seen in the last week, but at the same time we do not expect the recent highs to be taken out in the short term.

Going ahead 11100 will act as immediate support for the nifty, where else 11550 will be the next resistance which is previous weeks high for the benchmark index.