Nifty 50 February Futures (14,670) Extending the Monday's bullish momentum, Sensex and Nifty 50 started the session with a gap-up open and continued to trend upwards. The positive global markets also backed this rally, the US benchmark indices the Dow Jones added 0.76 per cent to 30,211 and S&P 500 index gained 1.6 per cent to 3,773 in last session.

The Nikkei 225 climbed almost 1 per cent to 28,362 and Hang Seng index advanced 1.2 per cent to 29,242 levels in today's session. Both Sensex and Nifty 50 advanced 2.3 per cent each. The market breadth is largely biased towards advances. On the other hand, the India VIX slipped 1.35 per cent to 23.13 levels. The Nifty mid and small-cap indices advanced 1.7 per cent and 1.3 per cent, respectively. All the sectoral indices are hovering in the positive territory. The top gainers are Nifty Media and Nifty Financial Service that have jumped 3.7 per cent and 3.6 per cent respectively.

The Nifty February month contract started the session with a gap-up open at 14,519. After marking an intraday high of 14,767 the contract slipped to record an intraday low at 14,480. But the contract bounced up again and continues to trend upwards. The near-term outlook stays positive above 14,600 levels. Traders can buy the contract on dips with a stop-loss at 14,590 levels. A strong rally above 14,700 can take the contract higher to 14,730 and then to 14,767 levels. Key supports below 14,600 are placed at 14,550 and 14,500 levels.

Strategy: Buy on declines with a stop-loss at 14,590 levels.

Supports: 14,600 and 14,550

Resistances: 14,700 and 14,730

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