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Bank Nifty Prediction for 23 December 2024
Bank Nifty experienced a sharp decline of over 1.5% on the last Friday, closing at 50,759.20. All banks except ICICI were in the red, marking the fourth consecutive day of losses. While technical indicators suggest a bearish outlook, an oversold condition may lead to a small pullback on December 23, 2024.
Following the benchmark indices, Bank Nifty also fell sharply on the last Friday of the previous week, where it fell more than 1.5% towards the day low of 50,609 but in the last 15 minutes, a small recovery led the index to close the day at 50,759.20 which is 1.58% or 816.50 points lower from the previous closing.
All the banks traded in red except ICICI but on average the PSU banks fell the most, helping the Index to trade in red for the 4th consecutive day.
Bank Nifty Prediction for 23 December 2024
On the technical chart, Bank Nifty faces resistance from the 100DEMA and fell to take support near the 200DEMA line, but the last-minute recovery saves the Index from falling into the oversold zone.
Technical indicators are extremely bearish and indicate a bearish market ahead but on the smaller time frame, we have an oversold market which means the Index will likely take a small pullback in the early trading session on Monday, 23rd December – and then whatever has to happen will happen.
The nearby support for Bank Nifty is at the 50,500 level followed by 50,000 and 45,800 levels, while the resistance is at the 51,000 followed by 51,500 and 52,000 levels.
What to Expect from Bank Nifty on 23 December 2024
From the day-to-day perspective, Bank Nifty is bearish and it will likely continue its fall in the coming day, but in the shorter time period – an oversold market indicates a small pullback towards the 51,000 level.
However, the price action indicates a slight gap up opening on Monday, and it will likely trade in green for the day as the global market starts to recover.
Trading Level for Nifty: 50,000 – 51,500
Also Read:
Nifty Prediction for 11 March 2026
By: Raaz Aryan
Bank Nifty Support and Resistance for 23 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 50,5000 | 51,000 |
| 50,000 | 51,500 |
| 45,500 | 52,000 |
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 🙂
