For the last few days, key indices have remained rangebound but if we observe the price action of individual stocks, especially from the F&O universe, some sort of distribution is clearly visible.

The Nifty managed to fill the gap of 14,470–14,330 created on February 2, a day after the Union Budget was presented. Since the market was a bit oversold, some sort of rebound was evident, but the kind of V-shaped recovery we witnessed, was unexpected.

Although the recent cautious stance has played out well, we need to see how the market behaves in the first half of this week.

On the higher side, 14,875–15,050 are the levels to watch out for, whereas, on the lower side, 14,450-14,350 is the key support zone.

A major corrective move is possible only below 14,330, until then expect the index to remain in a broad range.

Traders are advised to be stock-specific and till the time the Nifty does not go past 15,050, we are likely to see some pressure at higher levels.

One should remain light and trade with proper risk management as we step into the monthly expiry week.