Nifty Outlook For - 23 December 2024

Trading Setup For 23rd December 2024

The Nifty index experienced a significant decline on Friday, ending the week at 23,587.50, down by 1.52% after a flat opening. The broader market sentiment was bearish, with notable selling pressure across midcap and smallcap stocks, both falling over 2%. All sectoral indices closed in the red, with the Nifty IT index plunging 2.6%, wiping out earlier gains despite Accenture's positive outlook.

For the week, Nifty dropped over 4% from its previous weekly high. Heavy losses were recorded in stocks like ANGELONE, LTIM, ADANIGREEN, and SIEMENS, which plummeted over 12%. On the flip side, DRREDDY, OBEROIRLTY, IPCALAB, and LUPIN emerged as the week's top gainers, securing over 3% gains.

On the stock-specific front, major gainers came from the Pharma sector, with DR. Reddy's Laboratories, Cipla, and Sun Pharma rising by 3.94%, 2.32%, and 1.24%, respectively. On the other hand, top losers included Bajaj Finserv, Asian Paints, and JSW Steel, each plunging over 2%.

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Nifty Prediction for 23rd December 2024

On the daily chart, the Nifty index opened lower for the fifth consecutive session and breached the 61.8% retracement level of the previous rally. It also slipped below the critical 200-DMA support at 23,800 and broke the lower Bollinger Band, signaling bearish momentum. Indicators like RSI and MACD have shown a negative crossover, reinforcing the weak sentiment.

Traders are advised to remain cautious and maintain a well-defined risk strategy as selling pressure persists in the broader market. On the downside, the index has support around 23430 & 23300 levels while on the upside, it is finding resistance around 23800 & 24000 levels.   
 

“Nifty Crashes 1.52% on Friday; Bearish Momentum Signals Further Weakness”

Bank Nifty Prediction for 23 December 2024

The Bank Nifty continued its losing streak during Friday's session, closing at 50,759.20 with a decline of 1.58% after a negative opening. 

On a weekly basis, the index has plunged by 5.27%, erasing the gains of the previous three weeks and filling the gap from November 18. Technically, the Bank Nifty has slipped below its 100-day moving average (DMA) but remains above the 200-DMA, which may serve as an immediate support zone. However, key indicators like the Relative Strength Index and Moving Average Convergence Divergence are signaling a negative crossover on the daily chart, suggesting continued bearish sentiment.

On the downside, the index has strong support at 50,000 and 49,700 levels, while resistance is positioned at 51,200 and 51,700 levels.
 

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