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Nifty Prediction for 16 December 2024
Nifty experienced a rebound after initially falling below 24,200, ultimately closing at 24,768.30, a 0.89% increase. The formation of a Bullish Engulfing candlestick suggests a continuation of the bullish trend. Predictions indicate a potential rise to 25,000 on 16 December 2024, supported by higher high and higher low pattern.
As Expected Nifty fell after the breakout of the Rising Wedge Pattern but after falling and taking support at the 24,200 level it rose back towards the 24,800 level showing immense buying and presence of buyers at the lower levels.
Today, Nifty fell more than 1% in the morning but soon it recovered all the early losses and jumped more than 2% from the day’s low towards 24,800 and closed at 24,768.30 which is 0.89% or 219.60 points higher than the previous day’s closing.
Nifty Prediction for 16 December 2024
Now as the Nifty rebounded from the support level of 24,200, and rose towards the 24,800 level – it tested a strong support level and formed a Bullish Engulfing candlestick on the daily time frame – which indicates a continuation of the Bullish Trend in the Index.
Today’s immense buying from the lower levels in Nifty turns the overall market outlook to Positive.
From the technical perspective, Nifty is extremely Bullish Now as it tested the support levels and the 200DEMA on the hourly chart. Also, the technical indicators are indicating a bullish trend in the market, where the RSI rose above 60 indicating a bullish trend, along with PCR that rose above 1.0 again indicating a bullish outlook for Monday.
The Higher High and Higher Low pattern on the hourly chart, indicates a continuation of the current trend, where Nifty is expected to rise towards the 25,000 level on Monday, 16 December 2024.
The Nearby support for Nifty is at the 24,500 level followed by 24,200 and 24,000 levels while the Resistance stands at the 24,800 level followed by 25,000 and 25,200 levels.
What to Expect from Nifty on 16 December 2024
For Monday, 16 November 2024, Nifty is expected to rally towards the 25,000 level as it forms a higher high and higher low pattern on the hourly chart and a bullish engulfing pattern on the daily chart – which indicates a coming Bull Run in the market.
Trading Level for Nifty: 24,500 – 25,000
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 16 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,500 | 24,800 |
| 24,200 | 25,000 |
| 24,000 | 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 🙂
