Nifty 50 is recovered lost ground in early trade today. It opened with a gap-up at 23,259, but has come down from there. The index is currently trading at 23,168, up 0.18 per cent. The advances/ declines ratio is at 27:23. This will need close watch. The trend has to shift more towards advances in order to keep the Nifty higher all through the day.

Nifty 50 outlook

Failure to sustain after the gap-up is a negative.  The immediate picture is unclear. Support is at 23,000. Resistance is around 23,320. A break-out on either side of 23,000 or 23,320 will determine the next move.

A break above 23,320 will be bullish to see 23,450-23,500. On the other hand, if the Nifty declines below 23,000, it can fall to 22,900 and even lower.

Fow now, we can allow for a range of 23,000-23,320.

Nifty 50 futures

The Nifty 50 June Futures (23,225) is up 0.24 per cent. The contract has come down after making a high of 23,290 in early trades. Failure to sustain higher keeps the downside open to see 23,050 in the coming sessions.

To avoid this fall, the contract has to rise past 23,380 decisively. Only then will a rise to 23,500 and higher levels come into the picture. We will have to wait and watch.

Trade strategy

The chances of a fall from here are high. But the risk/ reward ratio does not favour a short position at current levels. So, it is better to stay out of the market.

In case the contract goes up towards 23,300 in the first half itself, then short positions can be taken at 23,280, with a stop-loss at 23,340 for the target of 23,140.

Supports: 23,120, 23,050

Resistances: 23,380, 23,500

Published on June 9, 2026