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Bank Nifty Prediction for 19 December 2024
Bank Nifty showed weakness, declining by 1.32% during the day, yet began to recover towards the end. Technical indicators turned negative, though there's optimism for a short-term bullish trend following an expected US Fed interest rate cut. Support is at 52,000, with resistance at 52,500 for December 19, 2024.
Bank Nifty is weak compared to benchmark indices as it fell over 1.5% during the day but in the last, it recovered some losses and managed to close the day with a loss of 1.32% which is 695.25 points lower from the previous closing.
The Index opened flat but after some early volatility – it started falling and continued to fall throughout the day as all the banking stocks sank over or near 1% except IDFC First Bank which has negligible weightage in the Index.
Bank Nifty Prediction for 19 December 2024
Today is the third consecutive day for Bank Nifty trading in red, where it fell below the 50DEMA on the technical chart, but a small recovery in the last hour puts it near the support of 50DEMA which is a positive sign for the market.
Technical Indicators turned negative, where the MACD gave a bearish crossover on the daily chart, RSI fell below 46 while on the hourly chart, the RSI is in the oversold zone, and the PCR fell to 0.47 which is a bearish indication.
As today is the day of the Interest rate cut by the US Fed, the market is expected to trade in green for tomorrow, and so is the Bank Nifty.
Also on the hourly chart, we have a Spinning Bottom Candlestick following a Bullish Belt Hold, which is a strong bullish sign for the market for the short term – so I expect a bullish market for tomorrow, and Bank Nifty will likely rise towards the 52,500 level.
Today’s fall in the Bank Nifty shifted the immediate support to the 52,000 levels followed by 51,800 and 51,500 levels, while the resistance has fallen to 52,500 followed by 52,800 and 53,000 levels.
What to Expect from Bank Nifty on 19 December 2024
For Thursday, Bank Nifty is expected to trade in green as the US Fed is expected to cut the interest rate today, eventually boosting the equity market.
Also, the support of 52,000 is looking strong, as the market rises higher from this level today, forming a bullish candlestick pattern, Spinning Bottom – hence we are expecting a rise in the Bank Nifty Index towards the 52,500 level on Thursday, 19 December 2024.
Trading Level for Nifty: 51,800 – 52,800
Also Read:
Bank Nifty Support and Resistance for 19 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 52,000 | 52,500 |
| 51,800 | 52,800 |
| 51,500 | 53,000 |
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 🙂
