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Nifty Prediction for 6 December 2024
On a volatile day, the Nifty closed 0.98% higher at 24,708.40 despite early losses. Technical indicators suggest a bullish trend, with key supports at 24,650 and resistance at 24,800. For December 6, 2024, Nifty is expected to advance towards 25,000, supported by positive signals and potential market recovery.
A highly volatile day for the Nifty because of the weekly expiry of the Index where it opened nearly flat but fell in the starting but recovered the early losses and started trading in green, closing nearly 1% higher from the previous closing day.
Despite early selling in the Nifty50, it rises more than 500 points from the day low to the day high of 24,857 but isn’t able to sustain on the higher levels and closes at 24,708.40 which is 0.98% higher from the previous closing led by IT and consumption stocks.
Nifty Prediction for 6 December 2024
On the technical chart, Nifty once again falls and takes support at the 100DEMA around 24,300 level, and yet managed to close the day with a gain of nearly 1% forming a big Doji candle, leaving the market indecisive.
On the chart, Technical indicators like RSI, MACD, and PCR suggest a bullish trend where the RSI rises to 60 indicating a bullish trend, while the MACD is already positive and the PCR rises to 1.12 despite volatility indicating a further bullish market.
On the daily chart, the Nifty50 is forming a rising wedge pattern, which is generally considered a bearish pattern, but as the pattern is not completely formed yet, then there is a high chance that the first market will rise from here towards the 25,000 level.
The nearby support for Nifty stands at the 24,650 level followed by 24,500, and 24,200 levels, while the Resistance stands at the 24,800 level followed by 25,000 and 25,200 levels.
What to Expect from Nifty on 6 December 2024
For Friday, 6 December 2024, the Nifty is expected to rise as the technical indicators are suggesting a bullish trend ahead. Hence we are predicting a rise in the Nifty on Friday, towards the 25,000 level.
But if the market falls, then we have a strong support for Nifty at the 24,500 level and likely this support will stop any fall in the market and push the Index higher towards the 24,800 and 25,000 levels.
Trading Level for Nifty: 22,200 – 22,500
Also Read:
Bank Nifty Prediction for Monday, 17 February 2025
By: Raaz Aryan
Nifty Support and Resistance for 6 December 2024
| Nifty Support Levels | Nifty Resistance Levels |
|---|---|
| 24,650 | 24,800 |
| 24,500 | 25,000 |
| 24,200 | 25,200 |
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 🙂
