Nifty 50 Bounces From 24,287, Eyes 24,550 This Week

Nifty 50 opened the week with a sharp reversal, recovering most of Friday's losses in early trade. The index touched 24,287, then rallied to 24,389, up 0.48%. Advances outnumbered declines 31:19.

The bounce from the 24,300 area confirms support in that zone. A break below 24,250 would flip the short-term picture negative, opening a path to 24,150 or 24,000. That looks unlikely for now. The more probable move is a grind higher toward 24,550 this week.

The Nifty 50 July futures contract, trading at 24,445, is up 0.4%. Support sits at 24,330, a level that held through the dip. Resistance is at 24,450. A clean break above that should open 24,650-24,700 over the coming sessions. The contract needs to close below 24,330 to threaten 24,280. Below 24,280, the short-term outlook turns negative, with 24,100-24,000 as the next downside targets.

Positional traders can go long at 24,445, adding on dips to 24,380. Place the stop-loss at 24,280. Trail the stop to 24,475 once the contract reaches 24,505. Move it higher to 24,520 at 24,580 and to 24,610 at 24,640. Exit the position at 24,670.