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Nifty 50 February futures (10,834)
Tracking the Asian markets, the domestic benchmark indices started the session on a positive note. The Nikkei 225 advanced 0.5 per cent to 21,528 and the Hang Seng index rallied 0.5 per cent to 28,948 in today's session. The Sensex and the Nifty started the session in positive territory. After initial volatility, the indices continue to trend upwards.
The market breadth of the Nifty index is slightly biased towards advances. Major buying interest is seen in the Nifty Auto, IT and Pharma indices.
The Nifty February month contract began the session on a positive note, opening at 10,825 levels. After marking an intra-day low at 10,802, the contract resumed its up-move. It faces key resistance at 10,845. A strong rally above this level can strengthen the up-move and take the contract higher to 10,875 and then to 10,900 levels.
As long as the contract trades above 10,810, the near-term outlook will remain positive. Traders can buy on dips with stop-loss at 10,805. Conversely, if the contract falls below the significant support level of 10,800, it can decline to 10,775 and 10,750 levels.
Strategy: Buy on dips with stop-loss at 10,805
Supports: 10,800 and 10,775
Resistances: 10,845 and 10,875
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