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Nifty 50 March Futures (10,582)
Taking positive cues from the US markets, the Asian stocks started the session in bullish note. The Nikkei 225 has gained 264 points or 1.2 per cent and the Hang Seng index has advanced 222 points or 0.7 per cent to 31,498 levels. The MSCI AC Asia Pacific index has also gained 1.2 per cent to 178 levels. Both the Nifty and Sensex started the session with a gap-up open and continues to trade in positive territory. The Nifty March futures also began the session with a gap-up open at 10,541. After marking an intra-day low at 10,536, the contract resumed its up move breaching a key immediate resistance at 10,550. The contract has marked an intra-day high at 10,589. The market breadth of the Nifty index is biased towards advances. Traders can make use of intra-day dips to go long with a fixed stop-loss at 10,545 levels. The near-term outlook remains bullish as long as the contract trades above 10,550. The contract can test resistance at 10,600. A strong rally above 10,600 can take the contract higher to 10,625 and 10,650 levels. On the other hand, if the contract conclusively plunges below the immediate support level of 10,550 selling pressure can be witnessed. In that case, the contract can decline to 10,530 and 10,505 levels.
Strategy : Go long in intra-day dips while maintaining a fixed stop-loss at 10,545 levels.
Supports : 10,550 and 10,530
Resistances : 10,600 and 10,625
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