Nifty 50 seems to be struggling to get fresh buyers. The index has seen an extended fall after having come down from the high of 24,290 made on Monday. Nifty is trading lower today at 24,005, down 0.47 per cent. The advances/declines ratio is a 9:41. This is negative.

Nifty 50 Outlook

Nifty has been stuck in a sideways range of 23,800 and 24,350 for more than a week. Within this, the index is coming down now. Intraday resistance is around 24,100. Nifty can fall to 23,900-23,870 initially. Failure to rise back after that can drag the Nifty down to 23,800, the lower end of the range.

A strong rise above 24,100 is needed to ease the downside pressure. Only then the chances of rising back to 24,200-24,300 will come back into the picture.

Nifty 50 Futures

The Nifty 50 May Futures (24,042) is down 0.68 per cent. Cluster of resistances are in the 24,150-24,200 region. The bias is negative. The Nifty 50 May Futures contract can fall to 23,850-23,800 in the coming sessions.  Thereafter it can rise back towards 24,000 and higher.

The contract has to rise above 24,200 to go back up to 24,400.

Trade Strategy

The long position suggested yesterday has gone wrong and the stop-loss has been hit.

Traders can go short at 24,042 and 24,120. Keep the stop-loss at 24,220. Trail the stop-loss down to 23,980 as soon as the contract falls to 23,955. Revise the stop-loss further down to 23,930 and 23,880 when the contract touches 23,890 and 23,855 respectively. Exit the short positions at 23,820.

Supports: 23,850, 23,800

Resistances: 24,150, 24,200

Published on May 5, 2026