Nifty 50 (24,366) and Nifty Bank (57,491) slipped 0.8 per cent and 0.4 per cent, respectively, last week. While the derivatives data show mixed signs, the chart of Nifty futures and Nifty Bank futures show that some key support levels are valid, leaving room for a rally. Below is an analysis.Nifty 50Nifty futures (Aug) (24,450), after opening flat last Monday, saw a decline in the following sessions and posted a weekly loss of 0.8 per cent. As the contract fell, the outstanding open interest rose from 120.5 lakh contracts to 127.3 lakh contracts over the last week. This indicates short build-up.The Put Call Ratio (PCR) of Nifty weekly options stood at 0.9 on Friday, showing a bearish inclination, whereas the ratio of monthly options stood at 1.Overall, the futures and options data gives a bearish bias to Nifty futures.Coming to the chart, while the contract made an intra-week low of 24,363.20 on Wednesday, it managed to close above an important support at 24,400. The 21-day moving average coincides at this level, making it a good base.The price action over the last few days shows that there is buying interest between 24,380 and 24,450. There is a good chance for Nifty futures to see a fresh leg of rally from the current level.On the upside, Nifty futures have the potential to retest the resistance at 24,750. A breakout of 24,750 can open the door for a rally to 25,000.On the other hand, if the contract breaches the support at 24,400, the near-term outlook can turn weak. Notable support levels below 24,400 can be spotted at 24,200 and 24,000. A trendline is likely to provide support between 24,200 and 24,000.Strategy: Buy Nifty futures (Aug) now at 24,450 and place a stop-loss at 24,300. When the contract rises to 24,600, raise the stop-loss to 24,480. Book profits at 24,750.Option traders can consider buying 24,500-call option of August monthly expiry (₹136.55). Buy at the current level and we suggest holding it till expiry. In case the premium rises to ₹300, exit this trade. Nifty BankNifty Bank futures (Aug) (57,696) lost 0.6 per cent last week. That said, the price action during this period shows that it remained within a range.The outstanding open interest of August futures saw a marginal increase from 20.8 lakh contracts to 21 lakh contracts. This implies that shorts were added albeit at a small scale. Also, The PCR of August options stood at 0.80 on Friday, showing bearish inclination. Therefore, derivatives data of Nifty Bank denotes that a decline is likely.Thar said, the chart shows that the August futures has largely been consolidating between 57,400 and 58,200. Technically, the direction of the breach of this price band will decide the path of the next trend.A breakout of 58,200 can trigger a rally to 60,000. Instead, if Nifty Bank futures breaches the support at 57,400, it can drop to 57,000 and subsequently to 56,500.Nevertheless, the support at 57,400 is a strong base and we put the probability of Nifty Bank futures breaking out of 58,200 higher than that of it breaking below 57,400.Strategy: Retain the long position that we suggested to initiate on the breakout of 58,000 before a couple of weeks. Maintain the stop-loss 57,000.When the contract rallies to 59,000 and 59,500, raise the stop-loss to 58,250 and 59,000, respectively. Book profits at 60,000.For option traders, we suggest buying August 57,800-call option (₹399.20). Go long at the current level. We suggest holding it till expiry. Book profits if the premium rises to ₹750.InfoboxPublished on August 15, 2026