Nifty 50 opened the week with a wide gap-up. It opened at 23,942.60 and touched a high of 23,989.10 in the early trades. Nifty is currently trading at 23,930, up 0.88 per cent. The advances/declines ratio is at 42:8. This is positive.Nifty 50 OutlookResistance is at 23,990 which is holding well for now. Above that, 24,050 is the next key resistance. Nifty has to get a sustained break above 24,050 to become convincingly bullish. Only then a rise to 24,250 and higher levels will come into the picture.Failure to breach 23,990 can keep the downside open to see 23,870 during the day. The level of 23,870 and 23,840 are strong supports which can limit the downside for now.As long as the Nifty stays above these supports, the bias will remain positive to breach 24,050 and see a rise to 24,250 and higher in the short term.Nifty 50 FuturesThe Nifty 50 May Futures (23,970) is up 0.95 per cent. This rise has taken the contract well above a key resistance level of 23,920. Next resistance is around 24,015. A strong break above it can boost the momentum. Such a break will be bullish to see 24,450 this week.Failure to breach 24,015 and a fall below 23,920 can drag it down to 23,850Trade StrategyWe see 23,920 as a strong support. So positional trades can be considered now. Go long now at 23,970. Accumulate on dips at 23,940. Keep the stop-loss at 23,820. Trail the stop-loss up to 24,005 as soon as the contract goes up to 24,070. Revise the stop-loss higher to 24,090, 24,140 and 24,220 when the contract touches 24,110, 24,180 and 24,250 respectively. Exit the longs at 24,280.Supports: 23,920, 23,850Resistances: 24,015, 24,250Published on May 25, 2026