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The domestic equity indices began the session in the green taking cues from the positive Asian markets. The Nikkei 225 index advanced 1 per cent to 21,713 and Hang Seng index rose 1.2 per cent to 29,968 levels in today's session. Both the Sensex and the Nifty began the session in the positive territory and continued to trend up. The market breadth of the Nifty index is biased towards advances. But, the India VIX has advanced almost 3 per cent to 1.62 levels. Both the Nifty metal and Realty indices have surged more than 1 per cent on the back of buying interest.
The Nifty April month contract began the session at 11,788 with a marginal gap-up opening. The contract continues to trend upwards and has marked an intra-day high at 11,829 levels. Continuing its uptrend, the contract can test resistance at 11,830 and then at 11,850 in the near term. Key resistances above 11,850 are at 11,875 and 11,900. On the downside, as long as the contract trades above 11,780, the near-term outlook remains positive. A strong decline below 11,780 can bring back selling pressure and drag the contract down to 11,750 and then to 11,725 levels. Next key support is at 11,700. Traders can buy with a fixed stop-loss at 11,780 levels.
Strategy: Buy in declines with a fixed stop-loss at 11,780 levels
Supports: 11,780 and 11,750
Resistances: 11,830 and 11,850
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