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The Sensex and the Nifty started the session with a gap-down opening and immediately bounced back. Both the benchmark indices are hovering in the positive territory. The market breadth of the Nifty index is biased towards advances. The Volatility index, India VIX has slumped 2.5 per cent to 14.35 levels. The Nifty mid and small cap indices have advanced 0.4 and 0.5 per cent respectively.
Near-term outlook positive
Following a gap-down opening at 11,670 levels, the contract marked an intra-day low at 11,668 and rallied sharply. The Nifty futures contract breached key resistances at 11,725 and 11,750 levels. It has registered an intra-day high at 11,789 levels. The near-term outlook remains positive as long as the contract trades above 11,725 levels.
Traders can make use of dips to buy the contract while maintaining a stop-loss at 11,720 levels. A strong rally above 11,790 can take the contract higher to 11,815 and 11,825 levels. Next key resistances are at 11,850 and 11,875 levels. Key supports below 11,700 are at 11,670 and 11,650 levels.
Strategy: Buy in declines with a fixed stop-loss at 11,720 levels
Supports: 11,725 and 11,700
Resistances: 11,790 and 11,815
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