Market Outlook for 10th December 2024

Nifty Prediction for 10th December 2024

The Nifty benchmark index traded in a narrow range on Monday, closing at 24,619 with a marginal loss of 0.24%. Sector-wise, Metals, Consumer Durables, and IT posted slight gains, while FMCG, Auto, and Media dragged the market lower. Key gainers included LT, WIPRO, SBILIFE, and TATASTEEL, while TATACONSUMER, HUL, and TATAMOTORS emerged as the top laggards.

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From a technical perspective, Nifty slipped below the previous day's low but maintained support above the 89-day exponential moving average (DEMA) and the neckline of a Bullish Head & Shoulders pattern, suggesting continued bullish momentum in the short term. The hourly chart indicates some fatigue following last week's rally, pointing to a potential sideways or consolidation phase in the near term.

Market sentiment remains optimistic for the short to medium term. Traders are advised to maintain a positive bias as long as the index stays above the 24,350 mark and to consider buying on dips. Immediate support levels are seen at 24,500 and 24,350, while resistance levels are positioned at 24,850 and 25,000.

“Nifty Ends Flat Amid Sectoral Mixed Moves; Bullish Sentiment Intact”

Nifty Bank Prediction for 10th December 2024

After a negative opening, Bank Nifty showed a recovery in the first half of the session but failed to sustain its gains, closing in the red at 53,407.75, down by 101 points. 

On the hourly chart, it formed a rounding formation and closed near the 21-SMA, an immediate support zone. The momentum indicator RSI has turned downward from an overbought trajectory with a negative crossover, signaling potential near term weakness. However, the daily and weekly timeframes suggest bullish strength in the short term. This indicates that while a time-based correction might occur on lower timeframes, the overall bullish trend remains intact on the higher timeframe charts. 

Traders are advised to align with the momentum, watching for support at 53,000 and 52,600 levels on the downside, while resistance is seen around 53,900 and 54,500 levels.
 

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