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Nifty Prediction for 18 December 2024
Ahead of the US Fed Interest Rate decision, the Indian market saw Nifty drop nearly 2%, closing at 24,324.20. A bearish trend was noted as it fell below the 100DEMA, indicating strong selling pressure. Support levels have shifted to 24,200 and resistance to 24,400, with expectations of continued bearish trading.
Ahead of the US Fed Interest Rate decision, the Indian market witnessed a sharp fall in the benchmark Indices where Nifty fell to the support level of 24,300 which is a nearly 2% fall from the resistance level of 24,800 in just the first 2 days of the week – and the main reason is the fear of the withdrawal of the US Fed from the already priced 25 basis rate cut because of inflation.
Nifty opened gap down today, near the low of the previous inside bar candlestick, and tended to trade lower throughout the day, falling 1.39% which is 344.05 points lower from the previous closing, and closed the day at 24,324.20.
Today is the second day for Nifty trading in the red after a weak start of the week, where Nifty fell below the 100DEMA on the daily chart – turning bearish for the short term.
Today, all the major indices fell sharply where Commodities, Energy, Auto, and Metal were the top losers while Smallcap and Midcap indices hold to bear minor losses along with Realty, Healthcare, IT, and FMCG sectors.
Nifty Prediction for 18 December 2024
Indian market witnessed a sharp correction today, ahead of the US Fed rate cut announcement happening on Wednesday, where Nifty fell to the support level of 24,300 breaking the 100DEMA line, forming a lower low and lower high pattern indicating a strong selling pressure from the higher levels.
On the technical chart – Nifty has formed a big red candle, falling below all the short-term EMA’s after the inside bar formation, indicating a bear market, and as the technical indicators like RSI and MACD fell sharply – also indicate that the market has moved into the bear zone for the short term.
Despite a sharp fall in the Nifty – a 3% rise in the India Vix and the Midcap and Smallcap strong performance today compared to Nifty, suggests that this is just a correction ahead of any major event and hopefully, it will be reversed back to normal after the event happened.
Today’s fall in the Nifty shifted the nearest support level to 24,200 followed by 24,000 and 23,800 levels, while the Resistance can down to 24,400 and 24,500 followed by 24,700 levels.
What to Expect from Nifty on 18 December 2024
For tomorrow, 18 December, Nifty is likely to trade in the red zone followed by today’s lower low and lower high pattern, and as it breaks below the 100DEMA line – it signals a strong selling pressure which will likely continue for tomorrow and ultimately Nifty will trade in the lower direction towards the 24,200 and 24,000 levels.
But if it anyway rises higher then we have its nearby resistance in the form of a 100DEMA line and if it crosses above the 100DEMA, then we have 50DEMA resistance at the 23,500 level.
Also in the short term, a range is forming with resistance at the 24,800 level and support at the 24,300 level, so keep an eye on these levels too.
Trading Level for Nifty: 24,000 – 24,500
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 18 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,200 | 24,400 |
| 24,000 | 24,500 |
| 23,800 | 24,700 |
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 🙂
