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Nifty October Futures (8,080)
The Nifty futures contract started the session with an upward gap to open at 8,034 levels, breaching the key resistance at 8,000. The contract extended its bullish momentum by gaining more than 1.2 per cent for the session. The near-term outlook will remain positive as long as the contract trades above 8,035 levels. Traders with a short-term perspective can buy the contract in dips with a stop-loss at 8,050 levels. A strong break of the immediate key resistance at 8,100 will pave way for an up move to 8,125 and then to 8,150 in the near term. However, on the downside a decisive fall below the support level of 8,035 can weaken the bullish momentum and drag the contract down to 8,000 and then to 7,975 levels.
Strategy : Outlook is bullish. Make use of dips to buy the contract with a stop-loss at 8,050 levels.
Supports : 8,050 and 8,035
Resistances : 8,100 and 8,125
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