Nifty June Futures (8,070)

The Nifty futures contract is managing to hold higher after having reversed sharply from the low of 7,946 on Tuesday.

The contract opened with a huge gap at 8,095 today but fell immediately to record a low of 8,042. However, the contract has bounced back again from this low.

Market could remain relatively calm today as it would wait to get cues from the outcome of the US Federal Reserve meeting tonight.

Supports are at 8,050 and 8,035. There is room left for a rise to test the next resistance at 8,115. Short-term traders can go long with a stop-loss at 8,045 for the target of 8,110.

The ability to breach the resistance at 8,115 will decide the next trend for the contract. A break above this hurdle can take the contract higher to 8,150. On the other hand, a reversal from 8,115 can take it lower to 8,065.

Strategy : Go long with a stop-loss at 8,045

Supports : 8,050, 8,035

Resistances : 8,095, 8,115

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