Nifty Fut (Sep): Need To Sustain Over 8925-8975 Area For 9075-9200 Despite Fed's "Dovish Hold" Stance

Nifty Fut will open around 8900, gap up by almost 80 points after Fed inspired rally in overnight US mkt.

Yesterday, as expected Fed stands pat, but with a some what dovish stance with lots of caveats about probable Dec hike. So the present stance may be termed as dovish hold rather than a hawkish one.

Going forward, Fed will keenly watch US job data and various other incoming economic data and depending upon that it may raise in Dec, only if there is no internal or external shock.

Fed has also downgraded US GDP projection and Inflation/Core PCE expectation. It has projected 1 & 2 hike in 2016 & 2017.

Overall it seems that Fed is influenced more by geo-political events rather than pure text book economics and it may also reflecting it's lack of confidence on US as well as global economy. As par its own dot plots, it's credibility may be at stake despite its continuous verbal intervention. 

Indian mkt will play today as par the global tunes in the absence of any immediate meaningful domestic cues.

Technically, NF has to sustain over 8925-8975* area for an immediate target of 9005/9025-9075*-9125-9185 zone.

On the downside, sustaining below 8875*-8855 area, NF may try to catch 8800-8780*-8735 area for the day.

 NIFTY FUT(SEP)