Top 10 trading ideas for April series as bulls start journey towards 18,000

Top 10 trading ideas for April series as bulls start journey towards 18,000

Bulls turned stronger and helped the Nifty50 decisively break consolidation range of 17,000-17,450 levels in the week ended April 1. The index also surpassed 17,600 levels and returned to pre-Ukraine war levels on first day of April series and financial year 2023. Declining oil prices amid positive developments in peace talks between Ukraine and Russia and release of US oil reserves, falling volatility, and buying by foreign institutional investors pushed the market higher.

The index gained more than one percent on Friday and surged three percent in the last week to close at 17,670 forming a bullish candle on weekly and daily charts, indicating positive momentum which experts feel can take the index towards crucial 18,000 levels in the coming days.

The volatility also cooled off significantly and fell below the 20 mark, indicating stability in the market. Participants among sectors in the last week's rally included banks, financial services, auto, FMCG, and infrastructure.

"Now since the banking space has taken the charge again, the rally should be considered healthy and due to this we will not be surprised to see 17,800 or even the psychological mark of 18,000 in the forthcoming week," says Sameet Chavan, chief analyst-technical and derivatives, Angel One.

On the