Nifty 50 is trading marginally lower. It is currently trading at 24,748, down 0.08 per cent. The advances/declines ratio is at 18:32. This can keep the sentiment negative.
But broadly, the index has been moving up and down inside a range all through the week. Nifty has been oscillating between 24,598 and 24,956 since the beginning of this week. So, we may have to wait for a breakout on either side of these levels to get clarity on the next move.
Nifty 50 Outlook
As mentioned above, 24,598-24,956 is the broad trading range. Within this, intermediate support is at 24,660 which is holding for now. If Nifty sustains above this support, a rise to 24,800-24,900 can be seen during the day.
On the other hand, a break below 24,660 can take the index down to 24,600-24,580 — the lower end of the range.
Looking at the price action on the chart, we expect the Nifty to sustain above 24,600 and make a bullish breakout above 24,956 in the coming sessions. Such a break can take the Nifty 50 up to 25,050.
Nifty 50 Futures
The Nifty 50 August Futures (24,830) is down 0.17 per cent. The trading range for the Futures contract has been 24,600-24,970.
Within this range, intraday support is at 24,700. If the contract manages to sustain above this support, a rise to 24,900-24,950 can be seen during the day.
On the other hand, a break below 24,700 can drag the Nifty 50 August Futures contract down to 24,600 — the lower end of the range. It will also keep the chances high for the contract to break the range above 24,970 as well. Such a break can then take the contract up to 25,050-25,100.
Trade Strategy
Since the market is broadly range bound, we suggest traders to stay out of the market. See how the index closes for the week today. Trades can be taken accordingly next week.
Supports: 24,700, 25,600
Resistances: 24,970, 25,050
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Published on August 1, 2025
