Nifty 50 is managing to hold higher after witnessing a strong rise on Wednesday. The index is trading at 24,362, up 0.12 per cent. The advances/declines ratio is at 26:24. This will need a close watch. In case if the advances/declines ratio turns in favour of the declines, then Nifty can give away the gains. We will have to wait and see.

Nifty 50 Outlook

Intraday support is in the 24,300-24,250 region. As long as the index sustains above this support zone, the bias will remain positive. Nifty can rise to 24,550.

The near-term picture will turn negative for a fall to 24,150 and lower only if the Nifty declines below 24,250.

Nifty Futures

The Nifty 50 May Futures (24,400) is down 0.17 per cent. The contract has support around 24,300 which can be tested during the day. We expect the Nifty 50 May Futures contract to sustain above 24,300 and rise back eventually.

The broader view remains bullish. A strong break above the 24,450-24,470 resistance region can trigger a fresh rise to 24,650 and higher.

The contract has to fall below 24,300 to turn the near-term picture negative for a fall to 24,200.

Trade Strategy

Traders can wait for dips. Go long at 24,320. Keep the stop-loss at 24,270. Trail the stop-loss up to 24,350 as soon as the contract goes up to 24,380. Revise the stop-loss higher to 24,390 and 24,410 when the contract touches 24,405 and 24,425 respectively. Exit the long positions at 24,440.

Supports: 24,300, 24,200

Resistances: 25,420, 24,470

Published on May 7, 2026