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Bank Nifty Prediction for 18 December 2024
Bank Nifty fell 1.39% to 52,700, influenced by global factors and concerns over a potential US Fed rate cut. Despite a bearish tone evident in lower lows and highs, technical indicators remain bullish. The outlook for December 18 suggests another decline, with support and resistance levels adjusted accordingly.
Along with benchmark indices, Bank Nifty also fell sharply today, towards the support level of 52,700 which is a 1.39% or 746 points fall in the Index compared to the previous closing.
All the banking stocks in the Index fell over 1% except ICICI Bank which means the selling is derived by any global cause and we have a US Fed meeting ahead and the fear of withdrawal from the pre-priced rate cut of 25 basis points and the Rupee fall are likely the two main reason of the today’s selloff.
Bank Nifty Prediction for 18 December 2024
Bank Nifty formed a spinning top yesterday, and following this bearish candlestick pattern the Index slips today, towards the support of 52,700 which is at the 20DEMA.
The nearby outlook for the Bank Nifty is still positive as the Index failed to breach the short-term EMA’s but the formation of the lower low and lower high patterns indicates a bearish mood for tomorrow’s market.
The key technical indicators fell sharply but still in the bullish zone which again indicates a positive outlook for the Index, but according to the theory and the price action, the market is set to fall on 18 December.
Hence, the support has shifted lower to the 52,500 level followed by the 52,200 and 52,000 levels, while the resistance moved lower to 52,800 followed by the 53,000 and 53,500 levels.
What to Expect from Bank Nifty on 18 December 2024
Bank Nifty is expected to fall on Wednesday, 18 December 2024, followed by the lower low and lower high patterns but as it took support at the 20DEMA on the chart, it might hold on to the current levels if opens positive.
Trading Level for Nifty: 52,000 – 53,500
Also Read:
Nifty Prediction for 11 March 2026
By: Raaz Aryan
Bank Nifty Support and Resistance for 18 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 52,500 | 52,800 |
| 52,200 | 53,000 |
| 52,000 | 53,500 |
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 🙂
