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Nifty has come down sharply in the early trades today. It is currently trading at 24,590, down 0.90 per cent. The advances/declines ratio is at 6:44. This is clearly negative and indicates that more fall is possible during the day.
Nifty 50 outlook
Nifty has an important intraday support at 24,500. We expect this support to hold. Nifty can bounce back towards 24,700 and higher if it manages to sustain above 24,500.
The selling pressure will increase only if the Nifty declines below 24,500. If that happens, Nifty can see an extended fall to 24,400-24,300.
As such, the price action around 24,500 will need a close watch during the day.
Nifty 50 futures
The Nifty 50 May futures (24,660) is down 0.7 per cent. The contract has intraday resistances at 24,680 and 24,720.
Support is at 24,580. A break below it can drag the contract down to 24,350-24,300.
Compared to its underlying, the Nifty 50 May futures contract is looking much weaker. Â So, the support at 24,500 mentioned above on the underlying Nifty 50 index may not hold during the day. We will have to wait and watch.
Trading strategy
Wait for the Nifty 50 May futures contract to break below 24,580 and then go short. Keep the stop-loss at 24,630. Trail the stop-loss down to 24,540 as soon as the contract falls to 24,510. Move the stop-loss further down to 24,500 when the contract touches 24,470. Exit the short positions at 24,430.
Supports: 24,580, 25,400
Resistances: 24,680, 24,720.
Published on May 22, 2025
This article first appeared on The Hindu Business Line
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