Market Outlook for 13th December 2024

Nifty Prediction for 13th December 2024

After a flat opening, the Nifty 50 index slipped during Thursday's session, closing at 24,548.70 with a 0.38% loss amid overall weakness across major indices, except the IT sector. The Midcap and Smallcap indices also lost momentum, correcting by 0.5% for the day.

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From a technical perspective, the Nifty 50 formed a Rising Wedge pattern on the hourly chart and moved below the 50-SMA, signaling potential negative momentum or a time-based correction. However, on the daily chart, the index indicates consolidation, suggesting a possible upward trajectory in the medium term.

The index is currently range-bound, with a crucial resistance zone between 24,700 and 24,800. A decisive breakout above this range could push the index toward 25,000 and 25,200 levels. Traders are encouraged to remain cautiously optimistic.

On the downside, support levels are at 24,450 and 24,300. Overcoming the resistance at 24,700 will be critical for sustaining any upward move.

“Nifty Slips 0.38%, Faces REsistance at 24,700 with Cautious Outlook”

Nifty Bank Prediction for 13th December 2024

After a negative opening, Bank Nifty showed a slight recovery during the initial hours but ended the session at 53,216.45, near the day’s low. 

On the hourly chart, the index slipped below the immediate support level of 53,300 and fell beneath its 50-SMA, signaling cautious sentiment. However, the daily and weekly charts maintain a bullish outlook, supported by favorable technical indicators and oscillators that hint at a short-term buying trend.

Traders are advised to stay aligned with the current momentum while keeping a close watch on the critical support levels of 52,900 and 52,600. On the upside, resistance levels near 53,600 and 54,000 could present significant barriers to further gains.
 

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