Nifty 50 opened the day with a wide gap-down and is trading lower. The renewed clash between the US and Iran is keeping sentiment negative. Nifty opened the day at 24,233 and touched a low of 24,138. It is currently trading at 24,196, down 0.54 per cent. The advances/ declines ratio is at 15:35. This is negative.

Nifty 50 outlook

Broadly, the sideways range remains intact. Intraday support is at 24,120. Resistance is in the 24,250-24,300 range. A breakout on either side of 24,120 or 24,300 will decide the next leg of move.

A break above 24,300 will ease downside pressure. It can then take the Nifty up to 24,400-24,500.

On the other hand, a break below 24,120 can drag the index down to 24,000.

Nifty 50 Futures

The Nifty 50 May futures (24,239) is down 0.58 per cent. Support is at 24,180. A break below it can drag the contract down to 24,060.

The contract has to rise above 24,300 from here in order to get a breather. If it does, then a rise to 24,450-24,500 is possible.

Sentiment is negative now. So, the chances of a fall to 24,060 are high.

Trade Strategy

Go short on a break below 24,180. Keep the stop-loss at 24,210. Trail the stop-loss down to 24,160 as soon as the contract falls to 24,135. Revise the stop-loss down to 24,140 and 24,115 when the contract touches 24,120 and 24,100, respectively. Exit the shorts at 24,080.

Supports: 24,180, 24,060

Resistances: 24,300, 24,500

Published on May 8, 2026