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Nifty Prediction for 24 December 2024
Nifty started the week positively after a 5% drop, closing at 23,753.45, up 0.70%. Top gainers included Realty, Bank, and FMCG sectors. A Spinning Bottom candlestick suggests a potential trend reversal, with support at 23,500 and resistance at 23,850. The market trend appears bullish, indicating optimism among participants.
After falling nearly 5% in the previous week, Nifty started this week in Green, and hopefully, all the major indices are in green today. The Nifty Realty, Bank, and FMCG were the top gainers, while the Small Cap and Auto Index saw some minor falls.
As expected, it opened a bit higher today and after trading sideways for an hour, it rose over 1% to the day high of 23,869.55 but selling pressure from the higher levels pushed it down, eventually closing at 23,753.45, which is 15.95 points or 0.70% higher than the previous closing.
Nifty Prediction for 24 December 2024
On the daily chart, Nifty formed a Spinning Bottom Candlestick along with an inside bar taking support at the 200 DEMA – indicating a trend reversal, potentially rising higher from here.
Also, the fear Index, India Vix fell nearly 10% today which is again a sign of positivity and optimism – suggesting that the market participants are turning bullish.
The Key Technical indicators are also rising where the RSI sharply rises from 33 to 39 shifting from a downtrend to an uptrend, along with PCR and MACD – indicating a bullish market.
The inside bar candlestick indicates indecision in the market, and as both the short and long-term outlooks for the market are bearish, we need to wait and watch the Index for further confirmation till it crosses any important level.
Nifty’s nearby support has shifted to 23,500 followed by 23,400 and 23,200 levels while the resistance has moved to 23,850 followed by 24,000 and 24,200 levels.
What to Expect from Nifty on 24 December 2024
For tomorrow, 24 December 2024, Nifty is expected to trade in green as it forms a Spinning Bottom candlestick on the daily chart. Also, the support of the 200DEMA will give slight stability to the market potentially helping the index to rise higher towards the 24,000 level.
Trading Level for Nifty: 22,200 – 22,500
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
February 14, 2025
Nifty Support and Resistance for 24 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,850 |
| 23,400 | 24,000 |
| 23,200 | 24,200 |
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 🙂
