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Bank Nifty Prediction for Monday, 9 December 2024
Bank Nifty showed indecision with a doji candlestick after a flat market day following the RBI's unchanged repo rate. Despite a slight loss, the market remains positive, predicting bullish trends for December 9, 2024. Key support and resistance levels are noted, with expectations of upward movement toward 54,000.
Bank Nifty also forms an Inside bar following Nifty but it’s a doji candlestick, which leaves the market indecisive.
There was some volatility in the market in the morning due to the repo rate announcement but as the RBI left the repo rate unchanged at 6.5% the market remained flat for the day marking an Intraday high of 53,868.50 while an Intraday low of 53,160.65.
Bank Nifty managed to close the day above the 53,500 level at 53,509 with a loss of just 94 points or 0.18% which is a positive thing for the market, especially lower GDP growth rate.
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Nifty Prediction for 11 March 2026
By: Raaz Aryan
Bank Nifty Prediction for 9 December 2024
On the technical chart, Bank Nifty forms a Doji candlestick along with an Inside Bar pattern leaving the market indecisive – but as the current trend is positive, it is expected that the market will likely remain bullish for the coming week.
Also as the Index is above the support of 53,500 along with positive signals from the technical indicators like RSI, MACD, and PCR – it is very likely that Bank Nifty will continue rising on Monday, 9 December 2024.
The nearby support for Bank Nifty is at the 53,500 level followed by the 53,350 level which is the swing high of the July month, and 53,000 levels. While the nearby resistance for the Index is at the 53,850 level followed by the 54,000 mark.
What to Expect from Bank Nifty on 9 December 2024
For Monday, 9 December 2024, Bank Nifty is expected to continue its bullish move toward the 54,000 level as the RBI reduces the Cash Reserve Ratio (CRR) from 4.5% to 4% which will inject liquidity into the banking system, providing banks with more funds to lend.
But if the Index falls anyway, then we have support at the 53,000 level and then at the trendline of the ascending triangle pattern at the 52,650 level.
Trading Level for Bank Nifty: 53,000 – 54,000
Bank Nifty Support and Resistance for 9 December 2024
| Bank Nifty Support Levels | Bank Nifty Resistance Levels |
|---|---|
| 53,500 | 53,850 |
| 53,000 | 54,000 |
| 52,650 | 54,500 |
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 🙂
