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Nifty Prediction for 17 December 2024
Nifty opened flat and traded in the red, closing at 24,668, down 0.40%. Anticipations for December 17, 2024, suggest consolidation around 24,500 to 24,800 levels, with a potential breakout above 24,800 targeting 25,000. Overall, market sentiment remains positive, with strong support at 24,500.
Nifty opened flat today and started falling immediately and continued to trade in the red zone for the day led by mainly IT, Metal, and Commodities sector where it fell to the day low of 24,601 which is 0.64% from the previous closing, but gives a closing at 24,668 which is 100 points or 0.40% lower from the previous closing.
Nifty Prediction for 17 December 2024
On the technical chart, Nifty formed an Inside Bar indicating further consolidation in the market till the breakout happens.
it is highly expected that today’s market will be bullish but it completely reverses because of higher selling pressure from the resistance level of 24,800 – indicating some more sessions of consolidation to break above the 24,800 level.
Today’s weak trading session doesn’t change any broader market sentiment as the short and long-term Nifty Outlook is positive and Nifty will try to breach the resistance of 24,800 in the coming session as the lower support is still looking strong.
The nearby support for Nifty stands at 24,600 followed by 24,500 and 24,400 levels, while the nearest resistance stands at the 24,800 level followed by 25,000 and 25,200 levels.
What to Expect from Nifty on 17 December 2024
For Tuesday, Nifty is expected to trade within a range of 24,500 and 24,800 as it forms an Inside bar on the daily timeframe which indicates future consolidation as the selling and buying pressure are likely equal.
But if Nifty breaks above 24,800 then it is very likely that it will touch 25,000 too, but if it falls down and reaches the 24,500 level then support at the lower levels may push it higher again – as the overall market sentiment is positive.
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 17 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,600 | 24,800 |
| 24,500 | 25,000 |
| 24,400 | 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 🙂
