Nifty 50 has opened the week with a wide gap-up and is trading higher. The index opened the day at 24,572 and is currently at 24,567, up 0.75 per cent. The advances/declines ratio is at 41:9. This is positive.Nifty 50 outlookNifty has resistance near current levels. So, a strong rise above 24,600 is needed to gain the momentum and rise further higher. If that happens, we can get a rise to 24,850 in the coming days.A dip from here can find support in the 24,480-24,450 region. A fall below 24,450 is less likely now. Fresh buyers are likely to come into the market and limit the downside.As long the Nifty stays above 24,450, the bias is positive. So, the index can breach 25,600 if not immediately, but eventually and go higher.Nifty 50 FuturesThe Nifty 50 August Futures (24,655) is up 0.83 per cent. The contract can rise to 24,720 from here. This level of 24,720 is a key resistance. Failure to break it can drag the contract down to 24,600-24,550 again.But a decisive break above 24,720 can trigger a fresh rise to 25,000 this week.Trade strategyAlthough the bias is positive, the risk/reward ratio is not favouring to take a fresh long position immediately. However, dips can be bought. Positional trades look good at the moment.Traders can wait for dips and go long at 24,620 and 24,570. Keep the stop-loss at 24,470. Trail the stop-loss up to 24,660 as soon as the contract goes up to 24,740. Revise the stop-loss higher to 24,740 and 24,860 when the contract touches 24,820 and 24,910 respectively. Exit the long positions at 24,940.The time frame of this trade will be one week. So, positional traders can consider this trade.Supports: 24,550, 24,450Resistances: 24,720, 25,000Published on August 3, 2026