Trade setup for Aug 28: NIFTY50 stands at long-term trendline support of 24,070, will it sustain?
Sanjeev Kumar | August 28, 2026 11:22 AM CST
GIFT NIFTY futures traded 63 points higher on Friday morning, suggesting a positive start for NIFTY50.
Crude oil prices held early gains on Friday as investors shifted their attention from the war in the Middle East to the Russia-Ukraine war.
Russian President Vladimir Putin warned that the war against Ukraine as early discussions and negotiations yielded no results.
The US stock markets closed in the green on Thursday, led by strong gains in tech stocks. The NASDAQ 100 index soared more than 400 points, led by a strong rally in NVIDIA (+8.7%) following the company's record Q2 earnings. The Dow Jones and the S&P 500 rose 0.2% and 0.7%, respectively.
Asian markets mostly traded in the green on Friday morning, except for the Korean markets, which fell 1%. The Japanese Nikkei index soared over 600 points, the Taiwan weighted index jumped 0.7%, and Hong Kong's Hang Seng traded flat.
NIFTY50 chart summary
NIFTY50 witnessed immense selling pressure on Thursday, closing 115 points lower. The index failed to defend crucial near-term support of 24,115, which was this week's intraday low. Additionally, the index again closed below the 20 and 50 EMAs, indicating a reversal from the near-term bullish trend.
On the long-term charts, the index has filled the gap created on 20th August and now should find support near the medium-term support of 24,000 levels. Additionally, the index is also close to the swing low trendline from 2nd April, suggesting a bounce-back from current levels. However, the overall setup remains bearish and in oversold territory.
▶️ Watch our LIVE Analysis
youtube: l63j3Z5l40Q
NIFTY50 open interest summary
FII DII activity
NIFTY50 witnessed immense selling pressure on Thursday, closing 115 points lower. The index failed to defend crucial near-term support of 24,115, which was this week's intraday low. Additionally, the index again closed below the 20 and 50 EMAs, indicating a reversal from the near-term bullish trend.
On the long-term charts, the index has filled the gap created on 20th August and now should find support near the medium-term support of 24,000 levels. Additionally, the index is also close to the swing low trendline from 2nd April, suggesting a bounce-back from current levels. However, the overall setup remains bearish and in oversold territory.
▶️ Watch our LIVE Analysis
youtube: l63j3Z5l40Q
NIFTY50 open interest summary
FII DII activity
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