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Nifty seems to be struggling to get a strong follow-through rise above 25,000. The index has declined sharply today. It is currently trading at 24,770 down 0.92 per cent. The advances/declines ratio is at 3:47. This is negative. If the trend sustains, more fall can be seen during the day.
Nifty has an important intraday support at 24,700 which can be tested during the day. If it breaks 24,700, then an extended fall to 24,600 can be seen during the day. On the other hand, a bounce from around 24,700 can take the Nifty up to 24,800-24,900 again. We will have to wait and watch.
The Nifty 50 May futures (24,785) is down one per cent for the day so far. An immediate support is at 24,750. A break below it can take the contract down to 24,670 during the day.
A bounce either from 24,750 itself or from around 24,670 can take the Nifty 50 May futures contract up to 24,900 and 25,000 again.
Considering the risk/reward ratio, we suggest traders to stay out of the market for now. However, the fall to 24,670 can be a good opportunity to go long with a stop-loss at 24,620 for the target of 24,850.
Supports: 24,750, 24,670
Resistances: 24,900, 25,000
Published on May 27, 2025
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