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.
Given that the overall trend is bullish, the recommended trading strategy would be to consider buying NIfty50 near the support levels
Meanwhile, the Bank Nifty may face resistance around 44,300 - 44,350 zone today.
Meanwhile, charts suggest that the Bank Nifty is sustains above 44,140 can rally to 45,000 - 45,300 levels says Ravi Nathani, an independent technical analyst.
Meanwhile, the Bank Nifty may witness a sharp fall if the index fails to sustain above 43,500 level.
On the downside, 18,100 is expected to provide support in Nifty
A stoploss of 18,500 will help limit potential losses in case the index moves against the anticipated correction
With Nifty50 almost consolidating at around 18,000 levels, valuations have become reasonable and offer a good entry point for investors
The weekly options data suggests that the Nifty may see limited upside on Thursday with resistance likely around 18,250 - 18,275 range.
On the broader market outlook, Vinay Rajani the technical & derivative analyst says that the key support for Nifty stands at 18,200.
According to Ravi Nathani, an independent technical analyst, the charts are indicating a likely range-bound trade on the Nifty PSU Bank index.
According to Ravi Nathani, an independent technical analyst, one can look to 'Book Profits on rise' as the Nifty 50 index is expected to face resistance in the 18,450 - 18,500 range.
On the broader market outlook, Vinay Rajani the technical & derivative analyst expects the Nifty to move in the 17,842-176,84 range in the near term.
Rising interest rates, firm crude oil prices and geopolitical concerns, they believe, will keep the sentiment back home in check.
According to Ravi Nathani, an independent technical analyst, the Nifty Private Bank index can also be sold at current levels, with 21,250 seen as a crucial support for the index.
According to Ravi Nathani, an independent technical analyst, the Bank Nifty is expected to face resistance around 42,615-42,950-43,600.
Among individual stocks, Vinay Rajani the technical & derivative analyst recommends to Buy Ircon International and ABFRL.
In case the Nifty faces resistance at 17,858, Ravi Nathani recommends adopting buy on dips strategy with support around 17,610 and lower levels.
The stock of Bank of Baroda is on the verge of breaking out from the symmetrical triangle
Technical analyst Ravi Nathani expects the NSE benchmark index to consolidate in 17,150 - 17,850 range