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Nifty Prediction for 27 December 2024
Nifty opened higher but closed slightly up at 23,750.20, with major sectors mixed. A doji candlestick indicates potential breakouts, while technical indicators show a weakening market. FII selling suggests bearish trends, expecting Nifty to break out of a symmetrical triangle pattern soon. Key support lies at 23,500, resistance at 23,800.
Nifty opened the gap up and after a sudden rise to the day high of 23,854.50, it started falling and stabled near the previous day’s close and then traded flat for the day, closing at 23,750.20 which is 22.55 points or 0.10% higher from the previous closing.
Today all the major Nifty Indices traded in green except Banking, FMCG, Metal, Smallcap, and IT where the top gainers were Nifty Auto and Healthcare, and the top losers were Nifty FMCG and Bank.
Nifty Prediction for 27 December 2024
On the technical chart, we have a doji candlestick suggesting a Spinning Bottom formation, and as there is too much consolidation this week – a breakout in either direction will trigger a rally in that direction, and as the market is continuously testing the 100DEMA support level, we can expect a breakout in the higher direction, but there are so much more things to watch to make a decision.
Also, there is a symmetrical triangle formation on the chart, narrowing day by day indicating a breakout of the pattern soon, likely tomorrow, and the Index is very likely to rally in the direction of the breakout.
Technical indicators like RSI and MACD indicate a weak market as they are in the bearish zone, but the good thing is that they are rising, so you can expect a bullish market ahead.
But – FII’s data suggests a totally opposite market, as they are continuously selling Futures which is a bearish indication, and also in the cash market they are negative – which means the market is very likely to be negative in the coming days.
So, wait and watch the Index on tomorrow and let it break out of the symmetrical triangle pattern, and then make any decision.
The nearby support for Nifty is at the 23,500 level followed by 23,400 and 23,200 levels, while the resistance is at the 23,800 level followed by 24,000 and 24,200 levels.
What to Expect from Nifty on 27 December 2024
For tomorrow, 27 December 2024, we are waiting for Nifty to break in any direction from the symmetrical triangle pattern, and then it will likely rally in that direction.
But as the global trend in negative, the FII’s are selling Futures, and the long-term trend in Nifty is also negative, hence – we expect a negative market.
Trading Level for Nifty: 23,500 – 24,000
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
February 14, 2025
Nifty Support and Resistance for 27 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,500 | 23,800 |
| 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 🙂
