The domestic benchmark indices - the Sensex and the Nifty 50 commenced the session with a gap-up open but started to witness selling interest and declined. From the intraday low the benchmark indices recovered and have entered the positive territory. The Sensex and the Nifty 50 have climbed 0.2 per cent each now.

Among the Asian markets, the Hang Seng index has climbed 0.8 per cent to 29,303 levels and CSI 300 index has gained 0.97 per cent to 5,168 levels in today's session. The market breadth of the Nifty 50 is marginally biased towards advances.

Also read: Nifty Call: Buy on dips with fixed stop-loss at 14,790

The India VIX has gained 1.9 per cent to 23 levels implying increase in volatility. Both the Nifty mid and small-cap indices are up by 0.15 per cent and 0.6 per cent respectively. Buying interest is seen in the Nifty metal index that has jumped 3 per cent followed by Nifty Pharma index which is up by 0.6 per cent. On the other hand, the selling interest is witnessed in the Nifty PSU Bank index which has fallen by 1.3 per cent.

The Nifty April month contract started the expiry session at 15,010. After marking an intraday high at 15,035 the contract began to decline and has slipped below the key level of 14,900 levels. But the contract marked an intraday low at 14,812 and bounced up from this low.

After testing the resistance in the band between 14,910 and 14,920, the contract breached this zone and has strengthened the bullish momentum which can take the contract higher to 14,950 and then to 14,975 levels. Subsequent key resistances are placed at 15,000 and 15,040 levels. On the downside, key supports are pegged at 14,880 and 14,850 levels.

  • Strategy: Can go long with a fixed stop-loss at 14,890 levels
  • Supports: 14,880 and 14,850
  • Resistances: 14,950 and 14,975
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