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Nifty Prediction for 19 December 2024
Nifty opened flat but fell to a low of 24,149, closing down 0.56% at 24,198.85. This marks the third consecutive day in red, facing resistance at the 100DEMA. With a US Fed interest rate cut expected, Nifty may rise towards 24,500 on 19 December 2024, despite potential volatility due to weekly expiry.
Nifty opened flat but started trading in red from the opening falling to the day low of 24,149 after some early volatility, but in the last, it traded a bit after rising from the day low giving a closing at 24,198.85 which is 137.15 points or 0.56% lower from the previous closing.
Today is the third consecutive day for Nifty trading in red where it fell to close the day below the 24,200 level after facing resistance from the 100DEMA line, led by the PSE, Banking, Metal, and Commodities sector.
Nifty Prediction for 19 December 2024
Today is the day of the US Fed interest rate cut but ahead of the US Fed meeting, the Indian market corrected sharply but today’s pause in the market after the early fall – indicates that something big is going to happen tomorrow.
Anyway, tomorrow is the Nifty weekly expiry – and as the global market is expecting a rate cut which is a positive sign for the equity market, we expect the same for the Indian market, and it’s very likely that Nifty will rise towards the 24,500 level if the rate cut happens.
Today, India vix also fell by 0.83% despite the market being in the red zone, which indicates that investors are positive about tomorrow’s market.
Also, the Nifty PCR fell to 0.38 which is a reversal sign as the market is now in the oversold zone – again indicates a positive sign for tomorrow’s market.
What to Expect from Nifty on 19 December 2024
For tomorrow, 19 December 2024, Nifty is expected to rise higher as the global equity market is ready for an interest rate cut in the US, also the Key technical indicators like PCR, MACD, and RSI are indicating an oversold market for the short term – signaling a reversal in the market index on Thursday, 19 December 2024.
So we are expecting Nifty to rise higher on tomorrow back above the 100DEMA line which is at the 24,350 or even more higher towards the 24,500 level – but as tomorrow is the weekly expiry of the Index, the market might me more volatile than usual.
But keep an eye on the US Fed meeting, as a withdrawal from the pre-priced rate cut can cause a big sell-off in the market.
Trading Level for Nifty: 24,000 – 24,500
Also Read:
Nifty Support and Resistance for 19 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,100 | 24,350 |
| 24,000 | 24,500 |
| 23,800 | 24,800 |
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 🙂
