analysts highlight crucial support and resistance levels shaping a choppy but constructive week for Nifty futures, amid cautious optimism and upcoming expiry dates.
Nifty futures may open the week with traders watching 24,670 as the key line in the sand for bulls and 24,640 as the level that would give bears the upper hand. The weekly framework set out by Ashis Maji places initial resistance at 24,717 and 24,766, with support at 24,593 and 24,544, before a second phase comes into view above 24,717 or below 24,593.
The levels arrive against a market backdrop that has been choppy rather than decisive. ICICI Direct reported on July 28 that the Nifty August futures settled at 24,120.10, carrying a premium of 134.75 points over the cash index close of 23,985.35. The same report said India VIX slipped to 12.56, a sign that volatility had eased even as traders remained cautious. The contract size is ₹50 per point, and the next weekly Nifty expiry is listed for Tuesday, August 11, 2026, with the monthly expiry on Tuesday, August 25, 2026, according to an expiry calendar tracking the exchange schedule.
Maji’s review of the previous week suggests the levels have already proved useful: he said the market made a low of 24,500 and a high of 24,758.30 before closing at 24,655. He also repeated the usual caution that no market level is certain and that stops should be used. A separate weekly outlook circulating among traders has taken a broadly constructive view, arguing that the trend remains bullish while key reference zones hold, though it also recommends discipline on entries and incremental profit-taking rather than blind pursuit of upside.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
