Woman looking stock market Data on smart phone | Photo Credit: Orientfootage

Nifty 50 opened the day with a huge gap-up at 23,856. It is trading higher at 23,955, up 3.6 per cent. The US President Donald Trump announcing a two-week ceasefire for the war has triggered this sharp rise in the benchmark indices. The advances/declines ratio is at 43:7. This is positive.

Nifty 50 Outlook

Immediate support is in the 23,850-23,830 region. A crucial resistance is around 24,000. Nifty has to breach this psychological resistance and get strong follow-through rise. Only then it will strengthen the bullish case for seeing a rise to 24,500 and higher in the coming days.

Failure to break 24,000 and a subsequent fall below 23,830 will bring the index under pressure again. If that happens, Nifty can then fall back to 23,700-23,650 and even lower.

Nifty 50 Futures

The Nifty 50 April Futures (23,930) is up 3.4 per cent. An important intraday resistance is around 24,040. The contract has to surpass this hurdle to move further higher towards 24,700. 

Failure to break above 24,040 can take it down to 23,850-23,800 again. A fall below 23,800 can increase the danger of the contract falling back to 23,600 and lower levels.

A fall below 23,800 is less likely. But at the same time, we may have to wait for a break above 24,000 to strengthen the bullish case.

Trade Strategy

Considering the resistance at 24,040 and the risk/reward ratio, we suggest traders to stay out of the market today. See how the market settles down for the day and trades can be taken accordingly thereafter.

Supports: 23,800, 23,600

Resistances: 24,040, 24,450

Published on April 8, 2026