There can be distortions in the bond markets, where long term rates are artificially suppressed below the short-term bonds.
"It's time to be a bit more cautious now," said Damani.
Mazhar Mohammad said for the time being, upsides shall get capped around 11,760 where a potential double top can be expected if bulls are unable to breach the said level in next couple of trading sessions.
According to Mowat, there has been a profound change in central bank policies around the world.
If the index crosses and sustains above 11,760 levels on the tradable basis, we expect the rally to continue towards 11,900-12,000
We certainly expect FY20 earnings to be closer to the average growth we have seen in the last few years. A lot will depend on how the numbers of auto companies and PSU banks will pan out.
11,600-11,550 levels will be key support levels for the Nifty and current trend may likely to continue towards 11,800-11,850 levels.
The economic news headlines would largely be dominated by growth fears and measures to revive them in FY20, the performance of asset prices would be better albeit with elevated volatility, said Vaibhav Sanghavi of Avendus Capital
Goldman Sachs is of the view that ‘Value’ and ‘Cyclical’ parts of the markets will perform better in coming months with investors rotating out of ‘safe haven’ or ‘quality’ stocks as political uncertainty continues to fade.
Chandan Taparia said Nifty index continued its formation of higher lows for six consecutive sessions and supports are gradually shifting higher to surpass its life time high of 11,760 zones.
Let the market cross the hurdle of 11760 decisively, that would help us to re-enter the market. However, above 11800 levels there could be a massive round of short covering.
Next 50 is flat for 2019 and was a negative 9 percent in 2018.
Shabbir Kayyumi of Narnolia Financial Advisors said sustained trade above April's mid-point (11,690) will accelerate upmove to take the index higher towards life high placed around 11,760 levels.
According to Mazhar Mohammad, in next trading session a close below 11,630 can act as a confirmation for short term weakness that can set a bearish tone for the near term
Nifty is trading above 20, 50 and 100-day SMA which are important short term moving averages, indicating positive bias in the short term.
For FY20, we expect markets to be rangebound as earnings recovery is likely to be delayed owing to slowing global growth and after effects of liquidity tightness seen in 2018
Nifty index trading above 11,640 will accelerate upmove taking it higher towards the target of cup and handle pattern formed on a lower time frame which comes to 11,740 mark.
For this week, Nifty has strong support at 11,565-11,500 and resistance at 11,700-11,760
PCR (Put Call Ratio) is placed at a comfortable level of 1.49. A significant move above 1.85 could see some consolidation coming in
We believe ongoing consolidation would help it to cool off the overbought situation of the weekly stochastic oscillator (at 90), in turn, making the market healthier.
Now, Nifty50 index has to hold previous hurdle of 11,550 zone to extend its gains towards life time high of 11,760 zone while on the downside support is seen at 11,450 and then 11,380 levels.
We believe that India is still a stock-pickers market, with the potential to generate good alpha over the long term by active fund managers.
Momentum indicators on weekly as well as monthly chart are trading in fairly bullish zone and market is trading above all major moving averages.
The metals sector which has long been preparing itself for this move seems to be fully prepared to go full-out and perform itself in the April series.
Apart from the banking pack, stocks like Aurobindo Pharma, Infosys, Jindal Steel & Power, Page Industries, Petronet LNG, Pidilite Industries and Voltas look strong on charts and have the potential to do well in the near future.