Taking positive cues from the US markets and Asian markets, the domestic equity indices started the session with a gap-up open and continued to trend upwards. Last session, the Dow Jones had gained 0.5 per cent to close at 32,953 and S&P 500 index had advanced 0.65 per cent to 3,968 levels. The Nikkei 225 climbed 0.5 per cent to 29,921 and Hang Seng index rallied 0.6 per cent to 29,002 levels in today's session. The Sensex has advanced 0.45 per cent and Nifty 50 has gained 0.4 per cent so far. The market breadth of the Nifty 50 is biased towards advances. On the other hand, the India VIX has slumped 5 per cent to 20.1 levels signifying decrease in volatility. The Nifty mid and small-cap indices have climbed 0.28 per cent and 0.36 per cent respectively. Among the sectoral indices, the selling interest is seen in the Nifty Metal and PSU Bank indices - they have fallen 1 per cent and 0.5 per cent correspondingly. The Nifty IT has jumped 1.7 per cent on the back of buying interest.

The Nifty March month contract started the session with a gap-up open at 15,008. After an initial decline, the contract marked an intraday low at 14,957 and bounced up. It recorded an intraday high at 15,082 levels. Key resistance at 15,060 is limiting the rally. On the downside, the vital support at 14,980 is breached recently.

Trader can sell the contract on rally with a stop-loss at 14,990. On the downside, a fall below 14,960 can drag the contract down to 14,940 and then to 14,920 levels. Supports thereafter are at 14,900 and 14,860 levels. Next key resistances above 15,060 are placed at 15,080 and 15,100. A rally above 15,100 can take the contract higher to 15,125 and 15,150 levels.

Strategy : Go short on rallies with a fixed stop-loss at 14,990

Supports : 14,960 and 14,940

Resistances : 15,060 and 15,080

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