Nifty Prediction for 9 December 2024

A completely flat day for Nifty50 with downward-sloping as the RBI left the Repo Rate Unchanged at 6.5% for the 11th straight session, keeping the stance Neutral.

Also, the slow GDP growth rate impacted the market a bit where the GDP growth projection for FY25 reduced to 6.6% from 7.2% while the current Q3 FY25 growth rate cut to 6.8% from 7.4%, along with rising inflation that caused the economy to slowdown put the market under pressure where we saw more than 10% downfall in the previous 3 months.

However, RBI’s reduction in the Cash Reserve Ratio (CRR) from 4.5% to 4% will inject liquidity into the banking system, providing banks with more funds to lend, which may support economic activity (source).

Nifty managed to stay above the day above 24,650 level and close at 24,667.10 with a loss of 41.30 points or 0.17 percent forming an inside bar on the daily chart leaving the market indecisive.

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Nifty Prediction for 9 December 2024

As the Nifty50 forms an Inside bar on the daily chart, the market is now more tedious as there is no clear direction in the market, but as the current trend is positive – we can expect a bullish day on Monday, 9 December 2024.

On the chart, Nifty is forming a rising wedge pattern, but yet the pattern is not completely formed, hence Nifty is expected to follow the current trend and rise towards the 25,000 breaking the previous day’s high of 24,857 level.

“Technical Indicators are bullish, indicating a further rise in the index where the RSI is still in the optimum zone trading near 60 indicating a bullish trend, the MACD is already in the bullish zone, but the PCR drops to 0.80 to 1.18 along with a drop in the Index which indicates a short buildup in the market, and the market is likely to fall in the coming days.“

But as of now, first Nifty will rise towards the 25,000 level to completely form the rising wedge pattern and there it may fall.

Nifty Support and Resistance for 9 December 2024

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