Market Outlook for 09th December 2024

Nifty Prediction for 09th December 2024

The benchmark Nifty index experienced a relatively sideways trading session on Friday, closing at 24,677.80 with a marginal loss following the RBI policy meeting. The index has been notably volatile over the past few sessions, but it has demonstrated a sharp recovery from its recent low of 23,263. From this point, Nifty rallied nearly 1,600 points to touch a high of 24,857 during the week.

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From a technical perspective, the trend remains positive as the index is trading above all key moving averages, signaling short-term strength. Additionally, the confirmation of an inverted head-and-shoulders pattern breakout on the daily chart suggests sustained bullish momentum. Given these factors, the overall market sentiment is expected to remain optimistic, with any dips providing buying opportunities for an upside target of 25,000.

On the downside, strong support levels are observed at 24,350 and 24,100, while resistance levels are identified around 24,850 and 25,000. This technical setup indicates a favorable outlook for continued upward movement in the near term.

“Nifty Closes Flat Amid Volatility, Bullish Momentum Signals 25,000 Target”

Nifty Bank Prediction for 09th December 2024

The Bank Nifty lost its winning streak on the final trading day of the week, closing at 53,509.50 with a slight loss of 0.18%. The index opened flat on Friday and experienced volatility during the RBI policy announcement before settling into a sideways movement for the rest of the session.

Meanwhile, the Nifty PSU Bank index retreated from its intraday high but managed to post modest gains, closing at 7,146 with a 0.30% increase. Among PSU banks, stocks like Bank of Baroda, Canara Bank, Union Bank, and Punjab National Bank stood out as major gainers, each adding nearly 1% for the day.

On the daily charts, Bank Nifty continues to follow a bullish setup, characterized by Higher Highs and Higher Lows formations, supported by the 21-week Simple Moving Average (SMA). The index remains in a bullish trajectory, trading above all key moving averages, signaling short-term strength.

Traders are encouraged to align with the ongoing trend while adhering to key levels and effective risk management strategies to leverage the momentum. Immediate support for Bank Nifty is placed around 53,100, followed by 52,700, while resistance levels are observed near 54,000 and 54,500.

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