Market Outlook for 11th December 2024

Nifty Prediction for 11th December 2024

The Nifty index continued its range-bound momentum for the second consecutive day, closing at 24,610.05 with a marginal loss. Sectorally, Nifty Realty and Nifty IT provided support with gains of 1.47% and 0.83%, respectively, while Nifty Energy, Infra, and Media were the primary laggards. 

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On the technical front, the index reversed up from its 50-DMA near the 24,500 mark on an hourly chart, indicating an immediate support zone. On the daily scale, Nifty's price consolidation above prior swing highs and the 50-DEMA reflects bullish sentiment for the short term, further reinforced by supportive key indicators.

In the derivatives market, the highest open interest (OI) for call options is at the 24,700 and 25,000 strike prices, while for put options, it is concentrated around 24,000 and 24,300 strike prices that indicates broader range for the market. 

Traders are encouraged to maintain a bullish stance and consider buying on dips. Immediate support levels are at 24,500 and 24,350, while resistance is seen at 24,750 and 25,000. The broader market momentum remains intact, signaling sustained buying interest among traders.
 

“Nifty Closes Flat Amid Range-Bound Trade; Bullish Sentiments Persist With Key Support Levels”

Nifty Bank Prediction for 11th December 2024

On Tuesday, Bank Nifty opened on a positive note and traded within a narrow range before closing with a modest gain of 0.32%, settling at 53,577.70. Key indices such as Nifty PSU Bank and Nifty Financial Services also contributed to the momentum, gained nearly half a percent. Stock-specific activity in companies like CHOLAFIN, MUTHOOTFIN, SHRIRAMFIN, SBIN, and PNB played a crucial role in supporting the positive movement of Bank Nifty.

From a technical perspective, the hourly chart shows a rebound from the 21-DEMA support level, coupled with a positive RSI crossover, indicating bullish strength in the near term. Furthermore, the daily and weekly chart structures reflect a bullish outlook, supported by key technical indicators and oscillators, reinforcing the short-term buying trend.

Traders are encouraged to align with the ongoing momentum, keep an eye on support levels at 53,000 and 52,700. On the upside, resistance is anticipated around 54,000 and 54,500.
 

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