Nifty Outlook For Tomorrow - 19 December 2024

Trading Setup For 19th December 2024

The Nifty 50 index ended lower for the third consecutive session on Wednesday, declining by 0.56% to close at 24,198.85 amid weak global cues and domestic concerns that weighed on investor sentiment. Broader markets also faced selling pressure, with the Midcap and Smallcap indices correcting by 0.64% and 0.87%, respectively.

Most sectoral indices ended in the red, signaling widespread selling. Nifty Media, PSE, and PSU Bank were the top laggards, each plunging over 2%. However, Nifty Pharma and IT showed resilience. Among individual stocks, Trent, Dr. Reddy’s, Cipla, and Wipro emerged as top gainers, while Tata Motors, Power Grid, Bharat Electronics, and NTPC were among the major losers.
 

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Nifty Prediction for Tomorrow - 19th December 2024

On the technical front, the Nifty has breached its 100-day EMA support level, indicating short-term weakness unless it sustains above the 24,500-24,700 range. However, the index has tested support at the 200-SMA on the hourly chart, and the RSI near the oversold zone with a positive crossover suggests a potential for short covering move.

Traders are advised to proceed cautiously and look for buying opportunities on dips. Key support for the index lies at 24,000, while resistance levels are pegged at 24,500 and 24,700.
 

“Nifty Slips Amid Weak Sentiment as Markets Await Fed Policy Outcome”

Bank Nifty Prediction for Tomorrow - 19th December 2024

The Bank Nifty index extended its correction during Wednesday's session, influenced by weak global cues and a depreciating Indian Rupee against the US Dollar. Heavily impacted by financial stocks, the index dropped to a three-day low, closing at 52,139.55 with a loss of 1.32%.

From a technical standpoint, the Bank Nifty has broken down from a rounding top pattern and slipped below its key moving averages. The momentum indicator RSI has entered the oversold zone, suggesting a possibility of short-covering moves in the near term. Additionally, on the daily chart, the index has found support at a falling trendline and the 50-day exponential moving average (DEMA), indicating a critical support level.

On the downside, the index holds support near the 51,800 and 51,400 levels, while on the upside; resistance is seen around the 53,000 level.
 

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