Top 10 trading ideas for next 3-4 weeks as markets remain in consolidation phase

Top 10 trading ideas for next 3-4 weeks as markets remain in consolidation phase

The market was caught in bear trap in truncated week ended April 13 as the Nifty50 erased all its previous week's gains and closed 1.7 percent higher at 17,476, dented by profit-booking and selling pressure amid higher oil prices raising inflation concerns, intensified Ukraine crisis and FII outflow. Traders will also closely watch corporate earnings to get a clear direction.

But the index defended 20-day simple moving average (SMA - 17,471) as well as 20-day exponential moving average (EMA - 17,455), which could act as a support in coming days. If that gets broken, then 17,150 (around 200-DMA and 200-EMA) will be a crucial support for the index.

On the higher side, 17,600-17,700 levels could be the immediate hurdles and if it's breached, the index may move beyond 17,800-17,900 levels, experts feel.

"Now if we take a glance at the daily time frame chart, we can see the Nifty placed at a crucial juncture. Firstly, the sacrosanct support of 20-day EMA is positioned at 17,450 which coincides with the breakout point of previous congestion zone. Hence, till the time Nifty is holding 17,400 – 17,200, we remain a bit hopeful of some recovery here," Sameet Chavan, Chief Analyst-Technical and Derivatives at