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Bank Nifty Prediction for 12 December 2024
Bank Nifty closed lower, losing over 186 points or 0.35% due to the decline in PSU Banks. It remains within a symmetrical triangle pattern, with support at 53,300 and resistance at 53,650. A breakout is anticipated, suggesting a potential upward trend despite current indecisiveness in the market.
Bank Nifty is weak compared to other benchmark indices as it closes the day in the red with a loss of over 186 points or 0.35% following the fall in the PSU Banks.
The Index opened lower and continued to trade lower within the symmetrical triangle pattern, and hopefully managed to close above the support of 53,350 level forming a Doji Candlestick on the daily chart, leaving the further market indecisive.
Bank Nifty Prediction for 12 December 2024
Nifty Bank forms a symmetrical triangle pattern and continues to trade within the pattern indicating a sideways market for the next day.
Also, till the pattern breakout – it is very likely that the Bank Nifty will trade within the pattern, and once the breakout occurs – the Index is expected to trade in the direction of the breakout.
But on the lower side, we have a support of 53,300 level so it is hard for the Index to break below this level. On the higher side, we have its resistance placed at the 53,650 level followed by 53,800 and 54,000 levels.
What to Expect from Bank Nifty on 12 December 2024
Anyway, the next market move is based on the price action following the symmetrical triangle pattern, but in the longer timeframe, Bank Nifty is positive and it seems that it is taking a pause for further rise – hence we expected a breakout in the higher direction and the Index will likely rise higher in the coming days.
Trading Level for Nifty: 53,000 – 54,000
Also Read:
Bank Nifty Support and Resistance for 12 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 53,000 | 53,650 |
| 52,800 | 53,800 |
| 52,500 | 54,000 |
Note:- For the Most Accurate Data you can revisit this Page after 11:00 AM (during Trading hours), so we can update the Trade Setup after analyzing the Market.
Happy Trading 🙂
