Nifty 50 August Futures (24,952)
Nifty 50 opened with a wide gap-up at 24,943 and has come down from there. It is currently trading at 24,881, up 0.19 per cent. The advances/declines ratio is at 24:26. This is slightly neutral. It is important to see how this ratio moves which in turn will determine the movement for the day. We will have to wait and watch.
Nifty 50 outlook
The broader trend is up. Nifty (24,881) might get support in the 24,850-24,800 region. Below that, 24,700 will be the lower support that is visible on the chart. An intraday dip to 24,850-24,800 cannot be ruled out. But it is not clear whether the downside can extend to 24,700.
The overall view is bullish to see a rise to 25,150 in the coming sessions. But whether this rise will happen from here itself or after a dip to 24,700 is not clear.
Nifty 50 Futures
The Nifty 50 August Futures (24,952) are up 0.15 per cent. The contract has come down from its intraday high of 25,033. There is some support near current levels at 24,935. Below that 24,830-24,800 will be the next important support for the day. A sustained rise above 25,000 can take the Nifty 50 August Futures contract up to 25,150 in the coming sessions.
In case the contract declines below 24,800, there is a danger of seeing 24,600 on the downside. But such a fall looks less likely as the broader sentiment is positive.
Trade Strategy
Traders can go long on a break above 25,000. Keep the stop-loss at 24,960. Trail the stop-loss up to 25,040 as soon as the contract moves up to 25,060. Move the stop-loss further up to 25,090 when the contract touches 25,105. Exit the longs at 25,120.
Supports: 24,900, 24,800
Resistances: 25,000, 25,150