Nifty September Futures (8,041)
The Nifty futures contract started on a positive note with a gap-up at 7,965 levels and then reclaimed the 8,000-mark as the Fed held rates steady.
The contract has decisively breached the key resistance level at 8,000 and has gone on to record an intra-day high at 8,059 levels. It is currently hovering at the day's high.
The short-term outlook for the contract is bullish. Traders with a short-term perspective can make use of dips to buy the contract while maintaining a stop-loss at 8,000.
A decisive rally above 8,059 can push the contract higher to 8,080 and 8,100. Immediate supports are pegged at 8,025 and 8,000 levels. Conversely, an emphatic break below 8,000 will lead to profit-taking and could pull the contract down to 7,965 and 7,950 levels. In that case exit the long position. Next key supports are at 7,930 and 7,900 levels.
Strategy: Make use of dips to buy the contract with stop-loss at 8,000 levels.
Supports: 8,025 and 8,000
Resistances: 8,059 and 8,080