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After a positive start, the Sensex and the Nifty have begun to witness selling pressure and have entered negative territory. The Asian markets are on a fall following a positive start. The Nikkei 225 is hovering flat at 21,287 levels and similarly Hang Seng index is poised at 28,787 levels.
The market breadth of the Nifty index is evenly balanced between advances and declines. The Nifty March month contract commenced the session at 11,367 and subsequently recorded an intra-day high at 11,399. But encountering resistance at around 11,400, the contract began the decline on the back of selling pressure.
A strong fall below the immediate support level of 11,345 will be a cue for initiating fresh short positions with a fixed stop-loss at 11,355. The contract can decline and test next key supports at 11,325 and 11,300 levels.
Key immediate resistances are at 11,380 and 11,400. An emphatic break above 11, 400 is needed to strengthen the uptrend and take the contract higher 11,425 and 11,450 levels.
Strategy: Go short on a decisive fall below 11,345 levels with a fixed stop-loss at 11,355 levels
Supports: 11,345 and 11,325
Resistances: 11,380 and 11,400
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