Nifty 50 opened with a gap-down today and is trading lower. It opened the day at 24,662.80 after spiking to close at 24,774 on Monday.The index is currently trading at 24,635, down 0.56 per cent. The advances/declines ratio is at 14:36. This is negative. Need to see if the trend shifts in favour of the advances during the day. If it does, then Nifty can rise back during the day.Nifty 50 OutlookGood intraday support is around 24,550 which can limit the downside. As long as the index stays above this support, the outlook will be bullish. Nifty can rise to 24,800 in the coming sessions.This rise will get negated only if the index declines below 24,550. If that happens, we can see a fall to 24,480-24,450.Our preference is to see the Nifty sustaining above 24,550 and rise to 24,800.Nifty 50 FuturesThe Nifty 50 August Futures (24,695) is up 0.15 per cent. The contract has risen back well after making a low of 24,640 in the early trades. A key resistance is at 24,720 which can be tested today if the contract manages to sustain this bounce.A decisive break above 24,720 can then boost the momentum and take the Nifty 50 August Futures contract higher to 24,850.Intraday support is at 24,620. The contract has to break this support to come under pressure for a fall to 24,570-24,550.Our preference is to see a bullish breakout above 24,720 if not today but eventually in the coming days.Trade StrategyThe positional trades that we had recommended yesterday was not triggered.Traders will now have to wait for a breakout above 24,720 to take fresh long positions. Keep a stop-loss at 24,680. Trail the stop-loss up to 24,710 as soon as the contract goes up to 24,745. Revise the stop-loss higher to 24,750 and 24,795 when the price touches 24,780 and 24,815 respectively. Exit the longs at 24,840.Supports: 24,620, 24,550Resistances: 24,720, 24,850Published on August 4, 2026