Nifty 50 has opened the week on a stable note. The index is trading slightly higher at 24,407, up 0.18 per cent. The advance/declines ratio is at 29:21. This is positive for now. But the trend has to sustain and increase more in favour of the advances. Only then it will help the Nifty to move higher. We will have to wait and see.
Nifty 50 outlook
Nifty has a resistance at 24,480. It has to breach this hurdle to move further up towards 24,580-24,600 during the day.
Support is at 24,340. A break below it can take the index down to 24,250 and lower.
For now, it looks like the index can rise and test the resistance at 24,480. But whether it will breach 24,480 or not is unclear at the moment.
So, broadly, 24,340-24,480 is the trading range that we are looking for now. A breakout on either side of these two levels will then decide the next leg of move.
Nifty 50 Futures
The Nifty 50 August Futures (24,495) is up 0.22 per cent. The contract is getting support around 24,400. So, if the bounce sustains, we can see a rise to 24,550-24,600 during the day.
The contract will come under selling pressure again only if it breaks below 24,400. Such a break can drag the Nifty 50 August Futures contract down to 24,250.
Trade Strategy
Although an intraday rise looks likely, the risk/reward ratio is not favouring a long position now. So, we suggest traders to stay out of the market.
Supports: 24,400, 24,250
Resistances: 24,550, 24,600
Published on August 11, 2025
