Nifty 50 opened with a wide gap-down 24,642 today. The US announcing a 25 per cent tariff and also penalty for buying oil from Russia is weighing on the markets today. The index touched a low of 24,635 and has recovered slightly from there. It is currently trading at 24,673, down 0.73 per cent. The advances/declines ratio is at 8:42. This is negative.
Nifty 50 outlook
Nifty has an important support at 24,580. A dip to test this support is likely in the coming sessions. However, we expect the Nifty to sustain above this support and bounce back eventually. Such a bounce can take the Nifty up to 24,750-24,800 initially and then to 24,900 eventually.
Nifty will come under more selling pressure only if it declines below 24,580. In that case, a fall to 24,500-24,480 can be seen.
Nifty 50 futures
The Nifty 50 July future (24,667) is down 0.81 per cent. The contract has support at 24,600 and resistance in the 24,700-24,720 region. So, 24,600-24,720 can be the possible trading range for now. A breakout on either side of 24,600-24,720 will determine the next leg of move.
A break below 24,600 will be bearish to see 24,500 and even 24,350. On the other hand, a break above 24,720 will give some breather and take the contract up to 24,780-24,800. A further break above 24,800 can then take the Nifty 50 contract up to 24,900 and higher.
Trade strategy
Since the contract is likely to oscillate in a range, it is better to stay out of the market. Wait for the range breakout and take trades accordingly.
Supports: 24,600, 24,500
Resistances: 24,720, 24,800
Published on July 31, 2025
