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Nifty Prediction for 13 December 2024
Nifty demonstrated volatility, initially rising but ultimately falling below the Ascending Triangle Pattern. The upcoming session suggests bearish potential if it breaches 24,500, with further support at 24,200 and resistance at 24,600. Maintain vigilance on market movements.
Nifty opened in red today and started trading in green in the opening making an Intraday high of 24,675.25 and After facing rejection from the upper line of the Symmetrical Triangle Pattern, it started falling and continued to trade in the red zone for the day on a sloping channel, breaking the Symmetrical Triangle Pattern in the lower direction.
Despite trading on a falling slope, Nifty managed to hold above the 24,500 level as it took support at the 24,525 level and rose back above the 24,550 giving a closing at the 24,548 level which is 93 points or 0.38% lower than the previous day’s closing.
Nifty Prediction for 13 December 2024
As today, is the weekly expiry of the Index, a fall in the Index is expected, and as Nifty breaks on the lower side of both the pattern on the hourly and the daily timeframe, Nifty is expected to fall in the coming days.
But on the hourly chart, Nifty takes support at the 50EMA which is at the 24,545 level – indicating a buyer presence at the lower levels but as it breaks below both the Symmetrical Triangle and Rising Wedge Pattern in the lower direction, we expect a fall in the Index tomorrow, but first, it needs to break below the 50EMA on the hourly chart and then 24,500 level to confirm any bearish move.
Price Action indicates a Bearish move, and also the key technical Indicators are falling slowly like RSI, PCR, and MACD but till the market breaks below the 24,500 levels – we wouldn’t confirm any bearish move as there is a high chance of bounce back towards the higher levels.
Nifty nearby support is at the 24,500 level followed by 24,200 and 24,000 levels where as the Resistance stands at the 24,600 level followed by 24,800 and 25,000 levels.
What to Expect from Nifty on 13 December 2024
As the Index broke below both the Symmetrical triangle on the hourly chart and the Rising Wedge Pattern on the Daily chart, we expect a bearish move coming but till the Nifty is above the 24,500 level there is a chance of reversal and if it breaks below the 24,500 level then we may see a fall in Nifty towards the 24,400 and 24,200 levels.
Trading Level for Nifty: 24,200 – 24,800
Also Read:
Nifty Support and Resistance for 13 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,500 | 24,600 |
| 24,200 | 24,800 |
| 24,000 | 25,000 |
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 🙂
