Nifty 50 February Futures (14,872) The Sensex and Nifty 50 started the session with a gap-down open, taking weak cues from the Asian markets. The Nikkei 225 has slumped 304 points or 1 per cent to 28,341 levels and Hang Seng index has declined 221 points 0.76 per cent to 29,085 levels in today's session.

After spending initial hours in the negative territory, the Sensex and Nifty 50 have entered the positive territory now. Both the indices have climbed about 0.34 and 4 per cent respectively. The market breadth of the Nifty 50 is biased towards advances. There is decrease in volatility as the India VIX has slumped 2.7 per cent to 23 levels.

On the back of buying interest, the Nifty mid and small-cap indices have gained 1.2 and 1.6 per cent respectively. Only Nifty IT index is marginally featuring in the negative territory. Top sectoral gainers are the Nifty PSU Bank that has jumped 3.7 per cent followed by the Nifty metal index which has advanced 2 per cent in today's session.

The February month contract commenced the session with a gap-down opening at 14,765. After marking an intraday low at 14,731 the contract continued to trend upwards and has surpassed a key resistance at 14,800 levels. The near-term stances stay positive as long as the contract trades above 14,820 levels. Traders can buy on dips with a stop-loss at 14,820 levels. Key supports are at 14,800 and 14,750 levels. A rally above the immediate resistance level of 14,900 can take the contract higher to 14,920 and 14,950 levels.

Strategy: Buy on dips with a stop-loss at 14,820 levels

Supports: 14,800 and 14,750

Resistances: 14,900 and 14,930

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