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The Sensex and the Nifty 50 started the session on a flat note and turned volatile. Among major Asian indices, the Nikkei 225 is trading flat at 29,914 and Hang Seng index also hovering flat at 29,015 in today’s session.
The Sensex and the Nifty 50 have declined 0.37 per cent and 0.48 per cent respectively. The market breadth of the Nifty 50 index is biased towards declines. The volatility index, India VIX, has fallen 1 per cent to 19.8 levels.
On the back of selling interest, the Nifty mid and small-cap indices have tumbled 1.4 per cent and 1 per cent correspondingly. Apart from the Nifty FMCG and IT indices, that have marginally advanced by 0.2 per cent each, all the other sectoral indices are featuring in the negative territory.
The top losers are Nifty PSU Bank, that have slumped 1.9 per cent, followed by Nifty metal and realty that have declined 1.7 per cent each.
The Nifty March month contract started the session on a flat note, opening at 14,968 levels. After an initial decline, the contract recovered and marked an intra-day high at 14,981. Key resistance at 14,980 had limited the upside and the contract once again started to decline. Immediate support at 14,860 is providing base for the contract. A fall below this base can pull the contract down to 14,840 and then to 14,800 levels. Next key supports below 14,800 are placed at 14,775 and 14,750 levels.
On the upside, a rally above 14,940 can witness a corrective up-move to 14,960 and then to 14,980 levels. A strong rally above 14,980 is needed to bring back bullish momentum and take the contract higher to 15,000 and then to 15,040 levels.
Strategy: Go short on a decisive fall below 14,860 levels with a fixed stop-loss
Supports: 14,860 and 14,840
Resistances: 14,940 and 14,960
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