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Nifty 50 March Futures (11,508)
After taking mixed cues from the global markets, the domestic equity indices - the Sensex and the Nifty began the session marginally in positive territory. The Dow Jones advanced 0.25 per cent to close at 25914 and S&P 500 added 0.37 per cent to finish at 2,832 in the previous session.
Among the Asian markets, both Nikkei 225 and Hang Seng index have recovered from the intra-day lows and are hovering marginally in the negative territory. The Sensex began the session marginally in positive zone and turned volatile, moving sideways in a narrow range. Both the Sensex and the Nifty are choppy.
The market breadth of the Nifty index is biased towards advances. The India VIX has slipped 1 per cent to 16.73 levels. The Nifty March month contract started the session with a gap-up open at 11,525. After marking an intra-day high at 11,526, the contract turned volatile and continues to move sideways.
The contract is range-bound between 11,475 and 11,525. As long as the contract is range-bound traders with a short-term view should tread with caution. A strong rally above 11,525 will strengthen the bullish momentum. In that case, traders can initiate fresh long positions with a fixed stop-loss. Next resistances are at 11,550 and 11,575 levels.
On the downside, key supports below 11,475 are placed at 11,450 and 11,430 levels.
Strategy: Nifty futures is range-bound. Tread with caution.
Supports: 11,475 and 11,450
Resistances: 11,525 and 11,550
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