After a negative open, the Sensex and the Nifty 50 bounced back immediately into the positive territory and continues to trade in this region. Both the indices have climbed about 0.25 per cent. The market-breadth indicator, the advance-decline ratio of the Nifty 50 index, is biased towards advances. On the other hand, India VIX has slumped 3 per cent to 23.22, implying marginal decrease in volatility. The Nifty mid-cap index is slightly up by 0.2 per cent, while the Nifty small-cap index has jumped 1.6 per cent. Selling interest is seen in the Nifty PSU Bank index that has fallen 0.7 per cent, whereas the Private Bank index is up a marginal 0.2 per cent. Nifty metal and FMCG are up 0.8 per cent and 0.4 per cent respectively, on the back of buying interest. As the bellwether indices — the Sensex and the Nifty 50 — are moving in a narrow range, the near-term direction is sideways. A decisive break below 15,100 can drag the Nifty 50 lower to 15,075 levels. On the upside, a rally above 15,150 is needed to take the spot index higher to 15,175 and then to 15,200 levels.

The Nifty February month contract commenced the session with a gap-down open at 15,090. After recording an intraday low at 15,075 the contract bounced and registered an intraday high at 15,174. It is currently range-bound between 15,110 and 15,160. A fall below the lower boundary can pull the contract down to 15,080 and then to 15,040 levels. On the upside, a decisive break of the upper level at 15,160 can take the contract higher to 15,180 and then to 15,200 levels.

Strategy: The contract is moving sideways in the band between 15,110 and 15,160. Desist from trading while it is range-bound.

Supports: 15,110 and 15,080

Resistances: 15,160 and 15,180