The domestic equity market opened higher in line with the trends on SGX Nifty Futures, which was trading more than 80 points higher in the morning trade around 9 am, on Tuesday.  The Nifty50 opened near 17,300 and Sensex gained more than 200 points as oil softened amid hopes of breakthrough in Russia-Ukraine talks.  The two indices started Tuesday on 17,297.20 and 57,814.76 respectively. Soon after opening, the Nifty index went on to surpass 17,300. Nifty midcap and smallcap indices too opened higher by more than half per cent.  

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Except for Nifty media, all sectors turned green too in the opening with auto, PSU Bank and realty gaining the most.  

In the pre-open, the Sensex gained more than 150 points as 27 shares advanced and 3 declined on the 30-share index. 

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This has been a 'buy on dips' market in the short-term with buying emerging at 17,000 Nifty levels and selling pressure emerging around 17400 levels, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

"There is a good possibility of the 17000-17500 Nifty range getting broken on the upside with a surge in Bank Nifty. Q4 financials results can provide the ammunition for this breakout. Stability in global markets, softening crude and chances of a ceasefire in Ukraine can provide the positive backdrop for this breakout," said Vijayakumar. 

However, high US inflation and an increasingly hawkish Fed are major headwinds for equity markets globally, he said, adding that investors should brace for high volatility. 

"Continuing to consolidate in a small range, Nifty closed higher at 17,222 on Monday, while VIX ended lower at ~22- level. Price-wise, the Index faces resistance at 17,500-level but in the near-term, a quick follow-through move above 17,350-level will add positive momentum," said Viraj Vyas, Technical and Derivatives analyst at Ashika Broking.  

He said the Index continues to see support at 17,100-17,000 zone, while only a sustained move above 17,500-level will provide much-needed breather. "The time pressure on Index could intensify if it is unable to move past the resistance zone in coming sessions," added Vyas. 

In related development, the three-day initial public offering (IPO) of Veranda Learning Solutions Limited is opening for subscription on March 29, Tuesday. The IPO will close on March 31. The IPO price has been fixed between Rs 130 and Rs 137 per equity share. It has a market lot of 100 shares and a minimum order quantity of 100 shares. 

Earlier, Asian markets were trading higher in the morning trade with Japanese Nikkei gaining over 0.6%, Hang Seng Index at the Hong Kong Exchange up over 0.8% and Chinese Shanghai Composite was seen trading flat at 8 am. SGX Nifty Futures too was trading higher by more than 100 points on the Singaporean exchange around the same time on Monday. 

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision