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Nifty Prediction for 11 December 2024
Nifty opened positively but dropped towards 24,500, eventually closing at 24,610, marking a slight loss of 8.95 points. The market showed volatility, with the energy sector declining and realty gaining. Technical indicators suggest a potential bullish trend for 11 December 2024, anticipating movement towards 24,700 and 24,800 levels.
Nifty Opened in the green today, but failed to hold above the 24,650 level and slowly fell towards the 24,500 level, but as the 24,500 is a key support level for Nifty – it once again rose to the 24,600 level in the last hour of trading where it managed to close the day at 24,610.
Today is a volatile day for Nifty as it closes the day in the red with a loss of just 8.95 points or 0.04% where the energy sector saw the most decline of 0.63% while the Realty sector rose 1.43 percent.
Nifty Prediction for 11 December 2024
On the technical chart, Nifty forms a Hanging Man-like candlestick following the rising wedge pattern where it took support at the 9 DEMA level or at the lower trendline of the pattern indicating that the Index will try to stay inside the pattern and continue to follow the pattern till it fully formed.
But as the Rising Wedge is a bearish pattern – there might be a short-term correction in the market but as the pattern is not fully formed – we can expect a bullish market for tomorrow at the 24,700 and 24,800 levels.
Till Nifty is inside the pattern, the index remains positive and the market remains optimistic for the short term, so you can trade with a positive bias but with a stop loss of the lower trendline.
Technical Indicators and price action suggest a bullish market for the short term, where the Nifty is rising forming a higher high and higher low pattern, hence we expect a bullish market for tomorrow.
Nifty’s nearby support is situated at the 24,500 level followed by 24,350 and 24,200 levels, while the resistance stands at the 24,800 level followed by 25,000 and 24,200 levels.
What to Expect from Nifty on 11 December 2024
For Wednesday, Nifty is expected to rise following the higher high and higher low pattern towards the 24,700 and 24,800 levels.
But if the patterns break in the lower side, then wait for a confirmation and then go short, but it is less likely as the rising wedge pattern is not fully formed, so we expect a bullish market for the short term.
Trading Level for Nifty: 24,400 – 24,800
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 11 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,500 | 24,800 |
| 24,350 | 25,000 |
| 24,200 | 25,200 |
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 🙂
