Nifty 50 began today’s session with a gap-down at 24,118 versus Friday’s close of 24,176. The index slipped further after opening and is now trading at 24,000, down nearly 0.7 per cent.
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Nifty 50 began today’s session with a gap-down at 24,118 versus Friday’s close of 24,176. The index slipped further after opening and is now trading at 24,000, down nearly 0.7 per cent.The advance/decline ratio stands at 7/43, showing a bearish bias. HDFC Bank (up 1.5 per cent) and Bajaj-Auto (up nearly 0.8 per cent) are the top gainers. On the other hand, Adani Enterprises (down 3.1 per cent) and Hindalco Industries (down 2.8 per cent) are the weakest among Nifty 50 constituents.All the sectors are in the red, indicating that the sell-off so far today has been broad-based. Nifty Metal and Nifty Media, down 2.4 per cent each, are the top losers followed by Nifty Realty, down 2 per cent.The chart of Nifty 50 shows that it has now slipped below a key support level and so, the likelihood of further decline is high. Hence, Nifty futures can also extend the downtick.Nifty 50 futuresThe September expiry Nifty futures opened the day lower at 24,244 versus last week’s close of 24,342. The contract is now trading at 24,200, down about 0.6 per cent.The contract has breached the support at 24,250, a bearish signal. While there is a possibility for Nifty futures to reclaim 24,250, the chances are less. Because, as mentioned above, the sell-off seems to be broad-based and the price action shows strong downward momentum. For intraday, Nifty futures might fall to 24,000. A breach of this can drag it further down to 23,800. On the other hand, if the contract rises above 24,250, the bulls can gain traction and push the contract higher to 24,350.Overall, the bears are having an upper hand over the bulls at the moment, leaving the probability of a fall higher than that of a rally. So, traders can consider intraday short positions.Trading strategySell Nifty futures (Sep) now at 24,200 and place a stop-loss at 24,270. Book profits at 24,000. Supports: 24,000 and 23,800Resistance: 24,250 and 24,350Published on August 31, 2026
