Nifty has gained and come close to the level of 11,200 mark where most of the call writing has been concentrated. This could be the first major resistance for the Nifty, even as the rapid race for the COVID vaccine and the initial successes keep the market excited.

· Buy PFC at Rs.84 for upside targets of Rs.105 in one month time frame. The company will be one of the key beneficiaries of the liberal power rescue plan of GOI.

· You must use dips towards Rs.660 to accumulate Cipla with targets of Rs.700 after its recent settlement with Amgen. Remdesivir license will also help.

· For a slightly risky trade, I reiterate buying into Panacea Biotech around Rs.205 levels for targets of Rs.250 as it remains at the forefront of the race for the COVID vaccine.

The global cues are not too positive so 11,200 may be an intermediate resistance for the Nifty in the short term.