Nifty 50 began today’s session with a gap-up at 23,655 versus Friday’s close of 23,548. The index gave away all the gains after opening and is now hovering around 23,550.The advance/decline ratio stands at 19/31, showing a bearish bias. Infosys and Tech Mahindra, up 4.3 and 3.2 per cent respectively, are the top gainers. On the other hand, NTPC, down 1.9 per cent, is the top loser followed by Hindustan Unilever, down 1.6 per cent.Among the sectors, Nifty IT, up 3 per cent, and Nifty Media, up 2.6 per cent, are the top gainers. Nifty PSU Bank is the top loser by falling 1.1 per cent followed by Nifty MCG, down 1 per cent.Nifty 50 futuresEven though the underlying Nifty 50 opened with a gap-up, the June futures of the index opened almost flat today at 23,740 compared to Friday’s close of 23,749. It fell after opening and is now trading at 23,640, down 0.5 per cent.Nifty futures, after seeing a notable decline last Friday, has extended the downswing today as well. The nearest support is at 23,500 and given the current downward momentum, the contract can touch 23,500 soon.A breach of 23,500 can intensify the sell-off, possibly leading to another leg of a decline to 23,200 and subsequently to 23,000.On the other hand, if there is a recovery, either from the current level of 23,640 or after the dip to 23,500, the rally is likely to face challenges at 23,800 and 24,000. For the bulls to gain good traction and build a sustainable rally, Nifty futures ought to surpass the barrier at 24,000. Nevertheless, as it stands, the bears are in the driving seat and we will most likely witness a decline to 23,500 soon. Trading strategyFor intraday, short Nifty futures (Jun) at 23,640. Target and stop-loss can be 23,500 and 23,720 respectively.Supports: 23,930 and 23,850Resistance: 24,150 and 24,250Published on June 1, 2026