Nifty 50 has begun the week on a positive note. The index opened with a gap-up at 24,102.50 and touched a high of 24,290 in the early trades. It has come off from the high and is currently trading at 24,173, up 0.73 per cent. The advances/declines ratio is at 41:9. This is positive.

Nifty 50 Outlook

The rise above 24,100 is a positive. Support is in the 24,100-24,050 region which is likely to limit the downside. The outlook is bullish to see a rise to 24,350 in the coming sessions.

The near-term picture will turn negative only if the Nifty declines below 24,050. If that happens, we can get a fall to 23,900 or even lower. But such a fall looks less likely.

Nifty 50 Futures

The Nifty 50 May Futures (24,248) is up 0.62 per cent. The contract has come down after touching a high of 24,381.

Support is in the 24,180-24,140 region. As long as the contract trades above this support zone, the bias will remain positive. Resistance is around 24,400. A break above it can take the Nifty 50 May Futures contract higher to 24,600 and higher in the coming sessions.

The contract has to fall below 24,140 to turn the near-term outlook negative. In that case, a fall to 23,800 will come into the picture.

Trade Strategy

Traders can wait for dips and go long at 24,190 and 24,160. Keep the stop-loss at 24,060. Trail the stop-loss up to 24,220 as soon as the contract goes up to 24,260. Revise the stop-loss higher to 24,380 and 24,480 when the contract touches 24,440 and 24,510 respectively. Exit the long positions at 24,540.

Supports: 24,180, 24,140

Resistances: 24.400, 24,600

Published on May 4, 2026