Nifty Outlook For Today - 20 December 2024

Trading Setup For 20th December 2024

The Nifty50 benchmark index extended its losing streak for the fourth consecutive day as a hawkish stance by the Federal Reserve triggered a global sell-off. After a gap-down opening on Thursday, the index traded sideways for most of the session, closing at 23,951.70, down 1.02%.
All sectors ended in the red, with the Nifty IT, Metal, and Private Bank indices seeing the most significant losses, falling up to 1%. However, Nifty Pharma stood out, gaining over 1.5% amid the market weakness.

On the stock-specific front, major gainers came from the Pharma sector, with DR. Reddy's Laboratories, Cipla, and Sun Pharma rising by 3.94%, 2.32%, and 1.24%, respectively. On the other hand, top losers included Bajaj Finserv, Asian Paints, and JSW Steel, each plunging over 2%.

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Nifty Prediction for Today - 20 December 2024

On the daily chart, the Nifty has found support at the 61.8% retracement level around 23,800, with additional support from the 200-day moving average near the same level. However, momentum indicators such as RSI and MACD are signaling a negative crossover. A dip below the critical support zone of 23,800 could push the index further down to 23,600 or 23,500. On the hourly chart, the Nifty has slipped below all key moving averages, but the RSI is in the oversold zone, indicating the potential for short-covering in the near term.

For the downside, immediate support lies at 23,800, while resistance is positioned at 24,070 and 24,200 levels.
 

“Nifty slips for the fourth day amid global sell-off, Pharma outshines in weak market”

Bank Nifty Prediction for Today - 20 December 2024

The Bank Nifty index witnessed a continued correction on Thursday, closing at 51,575.70 with a loss of 1.08%, driven by weak global cues and pressure from both PSU and private banking stocks.

Technically, the index has been on a downward trajectory for the third consecutive session, finding support around the 51,300 level, which aligns with the 61.8% Fibonacci retracement level on the hourly chart. On the daily chart, it has slipped below the 100-day moving average, with negative crossovers in RSI and MACD, indicating bearish momentum in the short term. However, the lower time-frame charts suggest an oversold condition, which could lead to a pullback if the index holds above the critical 51,300 support level.

Key support levels on the downside are identified at 51,000 and 50,700, while resistance on the upside lies around 52,000 and 52,600. A decisive move above or below these levels will determine the index's next directional bias.
 

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