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Nifty Prediction for 23 December 2024
The market experienced a decline, with Nifty dropping over 1.5% to close at 23,587.50 amid bearish global trends. Technical indicators show strong negative sentiment with key support at 23,500. A slight short-term pullback is expected, yet further falls towards 23,400 and 23,200 are likely if resistance at 23,700 is encountered.
The market opened slowly, but after some early volatility, it started falling after facing high selling pressure from the 24,000 mark and continued to fall throughout the day, falling to 2the 3,500 level which is over 2% fall from the day’s high.
The overall global as well as the Indian market was bearish, hence the Nifty and other benchmark indices fell sharply last Friday, where Nifty fell over 1.5% closing 364 points lower at 23,587.50 from the previous closing.
Nifty Prediction for 23 December 2024
On the daily chart, Nifty formed a Bearish Engulfing candlestick indicating a weak market ahead, while the technical indicators are extremely negative, the market is looking for support near the 23,500 level, but as the broader market sentiment is bearish – it is expected that the Nifty will likely fall further but also a pullback is very likely.
Technical Indicators like RSI and MACD turned negative for the long term, while for the short term, all the key technical indicators like Bollinger Bands, RSI, and MACD are in the oversold zone – indicating a small pullback towards the 23,700 and 23,800 levels before any future fall.
On the technical chart, the Nifty breached one of its most important support at 200DEMA which is at the 23,700 level forming a big red candle on the daily chart, completely engulfing the previous day’s candle – reinforcing the bearish sentiment.
Nifty’s nearby support has shifted below at 23,500 levels, followed by 23,400 and 23,200 levels, while the resistance is placed at 23,700 levels followed by 23,800 and 24,000 levels.
What to Expect from Nifty on 23 December 2024
For Monday, 23 December 2024, Nifty is expected to rise higher a little bit as it has fallen in the oversold zone in the short term – but if it again starts facing resistance, like from the 23,700 which is going to act as a key resistance level for Nifty, and then fell towards the 23,500 again then we may see a sharp fall towards 23,400 and 23,200 levels.
But if it opens the gap up then there is a high chance that the Nifty will trade sideways for the day forming an inside bar, and a gap down opening and a break below the 23,500 confirm a bearish market for Monday.
Trading Level for Nifty: 23,800 – 23,000
Also Read:
Nifty Support and Resistance for 23 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,700 |
| 23,400 | 23,800 |
| 23,200 | 24,000 |
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 🙂
