Nifty 50 is attempting to bounce back after witnessing a fall on Tuesday. The index is currently trading at 23,942, up 0.11 per cent. The advances/declines ratio is at 32:18. This is positive. The trend has to sustain in favour of the advances for the Nifty to see more rise during the day.Nifty 50 OutlookThe support at 23,880 is holding very well for now. Nifty touched a low of 23,868.50 in the early trades today and has risen back from there. As long as the index stays above this support, there are good chances to see a rise to 23,980-24,000 during the day. A decisive break above 24,000 will then boost the momentum. Such a break can take the Nifty up to 24,200 and even higher in the coming sessions.In case the index fails to breach 24,000 and declines below 23,880, then a fall to 23,830-23,800 can be seen during the day.Nifty 50 FuturesThe Nifty 50 June Futures (24,015) is up 0.14 per cent. The contract dipped below its key support level of 23,920 but did not sustain. It has bounced back very well from the low of 23,900. Intermediate support for the day is at 23,980. If the contract manages to sustain above this support, then a rise to 24,200-24,300 can be seen in the coming sessions.The Nifty 50 June Futures contract has to get a sustained fall below 23,900 in order to come under selling pressure. If that happens, 23,800-23,750 can be seen on the downside.Trade StrategyWe expect the contract to sustain above 23,980. Traders with high-risk appetite can go long now at 24,015. Accumulate on dips at 23,990. Keep the stop-loss at 23,940. Trail the stop-loss up to 24,030 as soon as the contract goes up to 24,060. Revise the stop-loss higher to 24,070 and 24,130 when the contract touches 24,110 and 24,160 respectively. Exit the long positions at 24,180.Supports: 23,980, 23,900Resistances: 24,200, 24,300Published on May 27, 2026