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Nifty Prediction for 31 December 2024
Nifty opened flat but fell to a day low of 23,644.90, closing down 0.71%. Major indices were mostly in the red, except Healthcare and FMCG. The market showcases a bearish trend with a symmetrical triangle pattern forming, indicating potential volatility. Support stands at 23,600, while resistance is identified at 23,800.
Nifty opened a flat today and after some early fall it started rising and rose to the day high of 23,915 after making the day high, it once again started falling and continued to fall till the last hours and closed the day at 23,644.90 which is 168.50 or 0.71% lower from the previous day closing.
Today all the major indices traded in red except Healthcare and FMCG where Nifty Healthcare rose 1.31% and FMCG rose 0.30% while the top losers were Nifty Realty, PSE, Auto, and Metals which fell over 1% each.
Nifty Prediction for 31 December 2024
Today, Nifty once again fell below the 200DEMA line which indicates a significant bearishness in the market but as the Index holds on to take support at the lower trendline of the Symmetrical Triangle Pattern, the market is full of suspense.
On the technical chart, Nifty formed a symmetrical triangle pattern and currently, the pattern is contracting slowly, and till the market is inside this pattern, the market is expected to trade in a range mostly inside the chart pattern.
And once it breaks out in either direction, we expect a significant rally in that direction in the coming days.
Okay, the technical indicators are signaling a negative market after today’s fall but there is still hope as the market has risen a bit after finding support at the lower trendline at the 23,600 level – and for further decision, we highly recommend waiting for the breakout of the symmetrical triangle pattern.
The nearby support for Nifty is at 23,600 followed by 23,500 and 23,400 levels, while the resistance is at the 23,800 level followed by 24,000 and 24,200 levels.
What to Expect from Nifty on 31 December 2024
For Tuesday, 31 December 2024, Nifty is expected to trade in a range, within the Symmetrical Triangle Pattern, but a gap up or gap down opening in respect of the Symmetrical Triangle Pattern, may lead to a rally in that particular direction.
Trading Level for Nifty: 23,400 – 24,000
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 31 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 23,600 | 23,800 |
| 23,500 | 24,000 |
| 23,400 | 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 🙂
