Nifty Outlook For Today - 18 December 2024

Trading Setup 18th December 2024

The benchmark index Nifty50 extended its losing streak for the second consecutive session, weighed down by weak global cues. Opening on a negative note on Tuesday, the index slipped below its immediate support at 24,500 and ended the day at 24,336, down 1.35%. 

All sectoral indices declined by over 1%, with significant selling pressure observed in PSU Bank, Financial Services, and Infra sectors. However, Nifty Realty and Media indices managed to inch upward during the session. While Nifty Midcap and Smallcap indices initially held gains, they later succumbed to profit booking and closed in the red.
 

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Nifty Prediction for Today - 18th December 2024

On the daily chart, the index retreated from the 50% retracement level near 24,800 and tested support around the 100-day exponential moving average (DEMA) at 24,300, signaling potential resilience. However, on the hourly chart, the breakdown below the rising wedge pattern and trading below the 50-SMA indicates a bearish outlook for the near term.

Market participants remain cautious, keeping an eye on the U.S. Federal Reserve's FOMC statement for further economic direction. Traders are advised to remain cautious, as the recent market decline has shifted sentiment. The 24,300 level serves as immediate support, and a decisive fall below this could lead to further declines toward 24,150 and 24,000 levels. 
 

“Nifty Slides for Second Day, Breaches Key Support amid Weak Global Cues”

Bank Nifty Prediction for Today - 18th December 2024

On Tuesday, Bank Nifty witnessed significant negative momentum, opening with a gap-down and facing substantial weakness in banking stocks. The index closed at 52,834.80, registering a loss of 1.39%.

From a technical perspective, it formed a rounding top pattern on the hourly chart and failed to sustain above the 53,800 resistance level, breaching the 50 and 100-hour SMAs, which signals continued weakness. On the daily chart, the index is trading near its immediate support at 52,600. A breakdown below this level could trigger further declines toward 52,200 and 51,800 levels. Additionally, the RSI indicator has turned bearish with a negative crossover on the daily scale. 

On the downside, key supports are seen at 52,600 and 52,200, while resistances lie at 53,300 and 53,800 levels.
 

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