Market Outlook for 12th December 2024

Nifty Prediction for 12th December 2024

The Nifty index traded within a narrow range ahead of the weekly expiry, closing at 24,641.80 with marginal gains on Wednesday. While other indices displayed mixed momentum, stock-specific activity remained vibrant in the market.

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From a technical perspective, the Nifty50 shows signs of consolidation, hinting at potential upward movement. The index has consistently held support around its 50-day exponential moving average (DEMA) at 24,500, marking it as a critical short-term level. Momentum indicators, including the Average Directional Index (ADX), suggest strengthening bullish signals.

Currently, the index remains range-bound, with a key resistance zone at 24,700–24,800. A decisive breakout above this range could propel the index toward 25,000 and 25,200 in the short to medium term. Traders are advised to adopt a cautiously optimistic stance, using dips as buying opportunities while focusing on stock-specific strategies to capitalize on momentum.

On the downside, support levels lie at 24,500 and 24,350, while resistance around 24,800 will be a key hurdle for further upward movement.
On the downside, the index has support at 24500 & 24350 levels while on the upside the resistance at around 24800 levels. 
 

“Nifty Consolidates with Marginal Gains; Eyes Breakout Above 24,800”

Nifty Bank Prediction for 12th December 2024

After a negative opening on Wednesday, Bank Nifty showed a brief recovery during the first half of the session but failed to sustain its gains, eventually closing lower at 53,391.35, down by 0.35%.

The daily and weekly chart patterns continue to exhibit a bullish bias, bolstered by supportive technical indicators and oscillators, which point towards a short-term buying trend. However, on the hourly chart, Bank Nifty is trading near its immediate support at the 53,300 level, signaling a cautious approach.

Traders are advised to align with the prevailing momentum while closely monitor the crucial support levels at 53,000 and 52,700. On the upside, resistance levels are expected around 53,800 and 54,200, which could act as potential hurdles for further gains.
 

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