Disclaimer: Information on this site is only for Education Purpose. Don't take our Articles as any Investment or Trading Advice, as we are not SEBI Registered.
Nifty Prediction for 12 December 2024
Nifty opened flat but closed with a minor gain of 31.75 points, forming a doji candlestick within a Rising Wedge Pattern. While short-term patterns indicate indecision, support is at 24,600 and resistance at 24,800. Nifty is expected to trade in the direction of the breakout of the symmetrical triangle pattern.
Nifty once again opened flat today but traded slightly higher during the day and closed with a minor gain of 31.75 points or 0.13% above the 24600 level.
Today, Nifty forms a doji candlestick, where it once again traded inside the Rising Wedge Pattern. All the major indices traded within a moderate range where Nifty Energy fell the most and Nifty FMCG gained the most.
Nifty Prediction for 12 December 2024
From a daily perspective, the Nifty is currently rising, forming a Rising Wedge Pattern but as this pattern is a bearish pattern, the Indices are looking bullish and till the Nifty50 breaks the pattern on the lower side, Nifty will likely rise higher following the pattern.
While on the hourly time frame, Nifty forms a Symmetrical Triangle Pattern with current support near the 24,600 level and resistance near the 24,680 level, and till the pattern breaks it will remain sideways and once it breaks, we may see a one-sided rally in that particular direction on that day.
While it forms a doji candlestick on the daily chart, leaving the market indecisive – we will follow the Price Action, and on the shorter time frame – we have a symmetrical triangle pattern, and on the longer time frame – we have a rising wedge pattern, hence you need to trade following the price Action.
The nearby support for Nifty is at the 24,600 level followed by 24,500 and 24,200 levels, while the resistance is at the 24,800 level followed by 25,000 and 25,200 levels.
What to Expect from Nifty on 12 December 2024
For 12 December 2024, Nifty is expected to trade flat till it breaks the Symmetrical Triangle Pattern, and once the pattern breaks and after the confirmation of the breakout – Nifty will most likely trade in the direction of the breakout.
Technical indicators suggest a bullish market for tomorrow, but we need to wait for the confirmation based on the Price Action. So look for the Pattern to break in either direction and then place your trade following the price action.
Trading Level for Nifty: 24,500 – 25,000
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
February 14, 2025
Nifty Support and Resistance for 12 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,600 | 24,800 |
| 24,500 | 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 🙂
