Nifty 50 began today’s session with a gap-up at 24,361 versus yesterday’s close of 24,317. The index is now trading at 24,320.The advance/decline ratio stands at 31/19, showing a positive bias. Bajaj Finance, up 5.6 per cent, is the top gainer followed by Bajaj Finserv, up 2.9 per cent and Shriram Finance, up 2.5 per cent.Leading the decline is Infosys and TCS by losing about 3.4 per cent each in the early trade. This is followed by Wipro, down 2.5 per cent, and HCL Technologies, down 2.4 per cent. Therefore, the IT stocks seem to be facing considerable selling pressure.Consequently, Nifty IT, down 2.7 per cent, is the weakest sector followed by Nifty FMCG, down 0.9 per cent. Nifty Financial Servies ex-Bank, up 1.8 per cent, tops the sectoral indices. Overall, after opening with a gap-up, Nifty 50 has slipped, showing that the rally is not holding well.Nifty 50 futuresThe August expiry Nifty futures began today’s session higher at 24,408 versus yesterday’s close of 24,358. It is now hovering around 24,370, up 0.1 per cent.Although the contract has fallen after opening with a gap-up, there is a support at 24,350. Until this level holds, we cannot reject a recovery.In case Nifty futures rebounds on the back of 24,350, it can surpass 24,450 and touch 24,500. However, if it falls below 24,350, it can extend the decline to 24,250.So, overall, as long as the support at 24,350 holds, the bulls have an edge, particularly considering that the trend has been bullish so far this week. Trading strategyBuy Nifty futures (Aug) now at 24,370. Intraday target and stop-loss can be 24,500 and 24,300 respectively. Supports: 24,350 and 24,250Resistance: 24,500 and 24,600Published on July 31, 2026