The Nifty 50 has begun the week on a negative note. The index opened with a wide gap-down at 23,970 and is currently trading at 23,890, down 1.18 per cent. The advances/ declines ratio is at 10:40. This is negative.

Nifty 50 outlook

Immediate support is at 23,850. A break below it can drag the Nifty down to 23,800 or even 23,750. The is a good chance the Nifty will bounce back towards 23,850 and higher thereafter.

In case the index manages to bounce back from around 23,850 itself, a revisit of 24,000 and higher levels could be seen soon.

Nifty 50 futures

The Nifty 50 May future (23,920) is down 1.13 per cent. There is room to see 23,830 on the downside. Failure to bounce back from 23,830 could increase the danger of seeing an extended fall to 23,750.

Any bounce from here can face resistance around 24,000 and 24,100.

Trade strategy

Traders can wait for a rise and go short at 23,960 and 23,990. Keep the stop-loss at 23,430. Trail the stop-loss down to 23,940 as soon as the contract falls to 23,910. Revise the stop-loss further down to 23,905 and 23,880 when the contract touches 23,890 and 23,855, respectively. Exit the shorts at 23,840.

Supports: 23,830, 23,750

Resistances: 24,000, 24,100

Published on May 11, 2026