The Sensex and the Nifty 50 commenced the session with a gap-down open on the back of weak global cues. The Nikkei 225 tumbled 1.4 per cent to 29,792 and Hang Seng index plummeted 1.8 per cent to 28,892 levels in today’s session. After a negative open, the domestic benchmark indices began recovering and have entered the positive territory. It is now fluctuating between positive and negative territories. The market breadth of the Nifty 50 is marginally biased towards advances. The India VIX has jumped 3.26 per cent to 20.7 indicating increase in volatility. The Nifty mid-cap and small-cap indices have declined 0.3 per cent and 0.7 per cent respectively. Buying interest is seen in the defensive sectors or stocks such as Nifty FMCG, IT and Pharma, which have climbed 2 per cent, 0.78 per cent and 0.9 per cent respectively. On the other hand, selling pressure is witnessed in Nifty realty and auto sectors that have fallen 2 per cent and 1.2 per cent correspondingly.

The Nifty 50 March month contract began the session with a gap-down open at 14,499. After recording an intraday low at 14,371 the contract started recovering, witnessing buying interest at lower levels. The contract has entered the positive territory. It surpassed a key resistance at 14,600 levels recently. A strong rally above this level is positive and can take the contract higher to 14,630 and then to 14,650 levels. A strong rally above 14,650 can take the contract higher to 14,670 and then to 14,700 levels. Next resistances are at 14,720 and 14,760 levels. Key supports below 14,550 are placed at 14,525 and 14,500 levels.

Supports: 14,550 and 14,525

Resistances: 14,650 and 14,670