The Sensex and the Nifty began the session in green with a gap-up open, taking bullish cues from the global markets. The Nikkei 225 has gained 1 per cent to 21,329 levels and Hang Seng index has jumped 2 per cent to 26,778 levels in today's session. US markets gained more than 4 per cent in last session. Following an initial decline, the Sensex and the Nifty started to trend upwards and have gained 1 per cent each. The market breadth of the Nifty is biased towards advances. On the other hand, the India VIX has tumbled 6.8 per cent to 22.5 levels. Both the Nifty mid and small-cap indices have advanced 0.6 per cent and 0.7 per cent respectively. The Nifty PSU Bank index is the top gainer among the sectoral indices which has surged 2.4 per cent.

After a gap-up open at 11,294 the Nifty March month contract witnessed initial decline and slipped to mark an intra-day low at 11,232 levels. But, the contract recovered well and surpassed a key resistance at 11,300 levels. The near-term view stays positive as long as the contract trades above 11,300 levels. Trader can buy in intra-day declines with a fixed stop-loss. Key resistance are at 11,380 and 11,400 levels. Immediate supports are at 11,325 and 11,300 levels. Only a decisive fall below 11,300 can bring back selling pressure and drag the contract down to 11,275 and then to 11,250 levels.

Strategy: The near-term view stays positive above 11,300 levels, buy in declines

Supports: 11,325 and 11,300

Resistances: 11,380 and 11,400

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