Market Outlook for 16th December 2024

Nifty Prediction for 16th December 2024

The Nifty50 index showed a strong recovery after hitting a low of 24,180.80 on the last trading day of the week. Opening on a negative note on Friday, the index fell over 1% during the morning session but rebounded sharply, supported by gains in Nifty Infra, FMCG, IT, and Auto sectors. Finally, nifty ended at 24,768.30, marking a 0.89% gain.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Key contributors to the rally were BHARTIARTL, KOTAKBANK, ITC, and HUL, while laggards included SHRIRAMFIN, TATASTEEL, INDUSINDBNK, and HINDALCO.

From a technical perspective, the index tested a strong support level around 24,200, aligning with the 200-SMA on the hourly chart. A positive RSI crossover further signaled bullish momentum. On the daily chart, Nifty found support at the 100-DMA, breaking out of its consolidation phase and forming a Bullish Engulfing pattern, which suggests continued strength toward the 25,000 level.

Traders are encouraged to follow the trend and seek buying opportunities. Immediate support is seen at 24,600 and 24,400, while resistance seems around 24,850. A decisive breakout above 24,850 could push the index toward 25,000 and 25,200 levels.
 

“Nifty Index Rebounds Sharply, Eyes 25000 as Bullish Momentum Builds”

Nifty Bank Prediction for 16th December 2024

The Bank Nifty showcased a strong recovery on Friday, rebounding from the day’s low of 52,264.55 to hit a fresh intraday high of 53,654. It’s ultimately closed at 53,583.80, marking a gain of 0.69%. This recovery was driven by robust buying interest in key stocks such as Kotak Mahindra Bank, ICICI Bank, and HDFC Bank.

On the technical front, the index managed to sustain above the 50-SMA on the hourly chart following a sharp decline, also closing above the prior day’s high. The daily and weekly charts continue to reflect a bullish outlook, supported by favorable technical indicators and oscillators, signaling a short-term buying trend.

Traders are encouraged to align with the prevailing momentum while monitoring critical support levels at 53,000 and 52,700. On the upside, immediate resistance is anticipated around 54,000 and 54,400 levels.
 

Intraday levels  for Nifty, Bank Nifty Levels and  FINNIFTY Levels: