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Tracking the positive Asian markets, the domestic equity indices began the session in the green. The Nikkei 225 has rallied 0.7 per cent to 21,450 and the Hang Seng index has climbed 0.8 per cent to 29,080 in today's session.
Both the Sensex and the Nifty commenced the session with a gap-up opening and continue to trend upwards. The market breadth of the Nifty index is biased towards advances. Buying interest is witnessed in Nifty Bank and media indices, which have advanced 1.5 per cent and 2.1 per cent, respectively.
The Nifty March month contract began the session in the positive territory, opening at 11,390 levels. Experiencing buying interest, the contract extended its up-move, gaining 0.6 per cent. The short-term outlook is positive for the contract as long as the contract trades above 11,400 levels.
The contract can trend upwards and test resistances at 11,475 and 11,500 levels. A strong rally above 11,500 levels can take the contract higher to 11,525 and then to 11,550 levels.
Key supports below 11,400 are placed at 11,380 and 11,350 levels. Traders can make use of dips to buy the contract with a stop-loss at 11,415 levels. An immediate support is placed at 11,425.
Strategy: Make use of dips to buy the contract with a stop-loss at 11,415 levels
Supports: 11,425 and 11,400
Resistances: 11,475 and 11,500
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