Nifty Outlook For Today - 17 December 2024

Trading Setup 17th December 2024

The benchmark index Nifty50 traded in the red during Monday’s session, weighed down by weakness in Financial and IT stocks, closing at 24,668.25 with a 0.40% decline. Sectorally, Nifty Realty emerged as the top performer, gaining over 3%, followed by Media, which added 1.45%. In contrast, Metals and Energy lagged, while IT stocks saw profit booking after a strong rally in recent sessions.

Despite this, broader market momentum remained strong, with Nifty Midcap and Smallcap indices rising over 0.6%, outperforming the benchmark. Market participants remain focused on the upcoming U.S. Federal Reserve's monetary policy decision for potential clarity on interest rate cuts.

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Nifty Prediction for Today - 17 December 2024

On the daily chart, Nifty recovered from the major support zone at 24,350 and sustained above 24,700 in Friday’s session. However, Monday saw a decline, with the index unable to breach the previous day’s high. Despite this, the short-term outlook for Nifty remains bullish. The index is consolidating near its immediate breakout level of 24,800, with a decisive move above this expected to push it toward 25,000 and potentially 25,300 levels.

Traders are advised to follow the trend while monitoring key levels and the impact of the U.S. policy decision. On the downside, the critical support zones are at 24,500 and 24,350, while resistance levels lie at 24,800 and 25,000.
 

“Nifty Closes Lower Amid Financial & IT Weakness; Bullish Set Up Intact Above Key Support Levels ”

Bank Nifty Prediction for Today - 17 December 2024

On Monday session, Bank Nifty experienced a negative opening and initially slid lower, but it saw a further recovery in the second half of the session, ultimately ending near its previous close at 53,581.35. 

From a technical perspective, the index rebounded sharply from the support of the 50-day exponential moving average (50-DEMA) and a falling trendline, signaling a bullish setup for the near term. Furthermore, on lower time frame charts, Bank Nifty traded above all key moving averages, reinforcing the buying momentum.

Traders are encouraged to follow the prevailing trend and look for buying opportunities during dips. On the downside, the index finds support at the 53,000 and 52,700 levels, while on the upside; resistance is seen around the 54,000 mark
 

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