Less-than-expected rainfall and a poor spatial distribution, experts say, can rekindle fears of a rise in food and fuel inflation that can have an impact on the RBI's monetary policy.
Technical analyst Ravi Nathani expects the NSE benchmark index to consolidate in 17,150 - 17,850 range
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to Buy Mahanagar Gas and Dr.Reddy's Labs.
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends a Buy on Coromandel International and Zensar Tech.
Despite high volatility in the months of March the Nifty has ended higher in five of the last seven occasions.
The technical analyst sees 17,315 as a critical support level for the near term.
The weekly F&O data also highlights significant build-up in open interest at the 17,700 Put, suggesting likely support at this level.
The technical analyst expects an upside target of 17,800 - 17,900 on the Nifty, with stop loss of 17,400.
The technical analyst also expects a pullback in the Nifty Pharma index.
In the interim, the 200-WMA at 16,975 could be another key level to watch out for, as the Nifty had bounced back from there during the correction in the first half of 2022.
According to the technical analyst, the Nifty is in the process of forming an Inverse Head and Shoulder pattern, which is a bullish chart pattern.
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to buy Poonawala Fincorp and ICICI Bank
According to the technical analyst, the Bank Nifty is likely to exhibit a negative bias as long as it remains below 42,850.
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends Buy on RCF and Triveni Engineering.
Meanwhile, the NIFTY Pvt Banks Index is expected to seek support between 19,936 and 19,916 range, says the technical analyst.
According to the technical analyst, the key support for the Nifty is at 17,475, below which the NSE benchmark can slide to 17,040 and 16,660 levels.
Sustainable level above 18,201 could result in to momentum buying in the coming sessions, which could take Nifty towards next resistance of 18,500
According to the technical analyst, the near-term trend for the Nifty has turned from rangebound to bullish as the index broke and closed above a previously identified resistance level on the charts.
Among individual stocks, the technical & derivative analyst from HDFC Securities recommends to buy Berger Paints.
According to the technical analyst, the near-term trading range on the Nifty is 18,149 - 17,760, close above or below would add trigger in the direction.