Nifty- Massive rally more caution

Nifty filled the gap in a massive short covering rally. FIIs continued selling with active buying by DIIs, net 1543cr selling. Despite the selling, retail investors pulled the market up second day in a row. How long will this be sustained? Probably for another day...if market crosses camarilla S3 then 16973 level could be touched. Positivity around resolution of Ukraine issue coming soon added to the rush to cover shorts. Caution is advised as the positive reaction could be affected by any adverse news flow. Also Crude prices are still high and so is fear of higher inflation.