Nifty 50 March Futures (11,526)

The Sensex and the Nifty began the session on a positive note and continued to trend up despite negative global cues. Both the Sensex and the Nifty have advanced more than 0.5 per cent. Also, the mid- and small-cap indices have gained over 0.6 per cent each in today's session witnessing buying interest. On the other hand, the India VIX has slipped 0.7 per cent to 16.92 levels.

The Nifty March month contract began the session on a flat note opening at 11,458. After marking an intra-day low at 11,448 the contract started to trend up and has conclusively breached the key resistance at 11,500 levels.

The near-term outlook will remain bullish as long as the contract trades above 11,500 levels. Traders can buy the contract with a stop-loss at 11,490 levels. A strong rally above the key resistance level of 11,535 can take the contract higher to 11,550 and then to 11,575.

Next key resistance is at 11,600. Key support at 11,475 and 11,450 can provide base on a fall below 11,500 levels. A further decline below 11,450 can drag the contract down to 11,425 and 11,400 levels.

Strategy:  Buy in dips with a fixed stop-loss at 11,490 levels.

Supports: 11,500 and 11,475

Resistances: 11,535 and 11,550

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