Nifty 50 opened with a gap-up at 23,479 today versus Thursday’s close of 23,417. The index is now hovering around 23,480, up about 0.3 per cent.The advance/decline ratio stands at 33/17, showing a positive bias. Bajaj Finance (up 3.5 per cent) and HDFC Life (up 2.4 per cent) top the chart. At the other end, Wipro (down 3.8 per cent) and Hindalco Industries (down 1.7 per cent) are the top losers.With respect to sectoral indices, barring Nifty Metal (down 0.6 per cent), all others are in the green. Nifty Media (up 2.9 per cent) is the top performer followed by Nifty Financial Services Ex-Bank (up 1.7 per cent).So far today, there is a bullish inclination. But can futures really rally? Below is an analysis. Nifty 50 futuresThe June expiry Nifty futures began today’s session higher at 23,560 versus yesterday’s close of 23,512. It is now trading at 23,550, up 0.15 per cent.Consequent to the gap-up opening, Nifty futures are now trading above 23,500, which arrested the rally on Thursday. The contract has been able to hold on to this level so far and so, there is a good chance for it to see a rally. An uptick from the current level of 23,550 can lift Nifty futures to 23,640 today. A breakout of this can take it higher to 23,700.However, if Nifty futures struggle to expand the gain and slips below 23,500, the bears could gain traction, potentially leading to a decline to 23,440. Support below 23,440 is at 23,380.Overall, as it stands, there is a positive bias but the price action so far today shows that there is a hurdle at 23,575. If this is invalidated, the rally to 23,640 can happen quickly. Trading strategyStay out of now. Buy Nifty futures (Jun) once it breaks out of 23,575. Target and stop-loss can be 23,640 and 23,540 respectively.Supports: 23,500 and 23,440Resistance: 23,640 and 23,700Published on June 5, 2026