Nifty 50 is attempting to bounce back after witnessing a strong fall on Tuesday. The index made an intraday low of 23,789 in the early trades and has risen back very well from there. It is currently trading at 23,867, up 0.16 per cent. The advances/declines ratio is at 23:27. The trend has to change strongly in favour of the advances for the bounce to sustain. Only then Nifty can go further higher. We will have to wait and see.

Nifty 50 Outlook

The support at 23,780 is holding well for now. However, immediate resistance is around 23,900. Nifty has to breach this hurdle in order to further up towards 23,980-24,000 during the day.

Failure to breach 23,900 can keep the index vulnerable to break the support at 23,780. Such a break can drag the Nifty down to 23,680-23,650 and even 23,600 thereafter. We will have to wait and watch.

Nifty 50 Futures

The Nifty 50 June Futures (23,820) is coming down after making a high of 23,899. Failure to sustain the initial bounce is a negative. Support is around 23,800. A break below it can drag the contract down to 23.700 during the day.

To avoid this fall, the Nifty June Futures contract has to sustain above 23,800 and get a sustained rise above 23,900.

Trade Strategy

Traders can go short on a break below 23,800. Keep the stop-loss at 23,835. Move the stop-loss down to 23,780 and 23,755 when the contract goes down to 23,760 and 23,740 respectively. Exit the shorts at 23,720.

Supports: 23,800, 23,700

Resistances: 23,900, 24,000

Published on June 24, 2026