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Nifty has begun the week on a weak note. The index is trading lower at 24,580, down 0.7 per cent. The advances/declines ratio is at 18:32. This is negative. It indicates that the index can fall more.
Nifty 50 Outlook
The fall below 24,680 is negative for the near-term. Immediate support is at 24,550. A break below it can take the Nifty down to 24,420-24,400 in the coming sessions.
The region around 24,400 is a strong support. As such we can expect the Nifty to reverse higher again from this support and rise back to 24,600 and higher in the coming days.
Nifty will come under more selling pressure only if it declines below 24,400. If that happens, there can be a steep fall to 24,000 this week.
Nifty 50 Futures
The Nifty 50 June Futures (24,668) is down 0.82 per cent. A crucial intraday support is at 24,620. A break below it can drag the Nifty 50 June Futures down to 24,470-24,450 in the coming sessions.
The contract has to sustain above this support to avoid the above-mentioned fall. A bounce from the support at 24,620 can give some relief and take the contract up to 24,800-24,850 again.
So, the price action around 24,620 will need a very close watch today.
Trade Strategy
For now traders can stay out of the market. However, short positions can be taken after a break below 24,620 happens. Keep the stop-loss at 24,660. Â Trail the stop-loss down to 24,590 as soon as the contract falls to 24,560. Move the stop-loss further down to 24,560 when the contract touches 24,540. Exit the shorts at 24,520.
Supports: 24,620, 24,450.
Resistances: 24,800, 24,900
Published on June 2, 2025
This article first appeared on The Hindu Business Line
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