Nifty Outlook For Tomorrow - 24 December 2024

Trading Setup For 24th December 2024

The Nifty50 index began the week on a strong note, sustaining its upward momentum throughout the trading day. Following a gap-up opening, the index remained bullish and closed at 23,753.45, marking a 0.70% gain. Sectors such as Realty, PSU Banks, FMCG, and Metal contributed significantly, each adding approximately 1% gains. 

Among individual performers, JSW Steel, ITC, Hindalco, and Trent emerged as the top gainers, while Hero MotoCorp, Maruti, Nestle, and HCL Tech were the key laggards of the session.

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 Tomorrow - 24th December 2024

On the hourly chart, Nifty showed signs of recovery, witnessing a short-covering move from oversold levels accompanied by a positive crossover. However, on the daily chart, the index remains in a bearish setup, trading below its 100-day and 200-day Simple Moving Averages. Indicators like RSI and MACD exhibit a negative crossover, reinforcing the downward bias.

For a reversal, the index needs to close above the critical resistance levels of 23,850 and 24,000. Until this happens, traders are advised to remain cautious. On the downside, key support levels are at 23,500 and 23,300. A breach of these levels could trigger further correction toward 23,000 and 22,800.
 

“Nifty Gains Amid Sectoral Strength; Key Resistance at 23,850 in Focus”

Bank Nifty Prediction for Tomorrow - 24th December 2024

On Monday, Bank Nifty opened with a gap-up and remained sideways throughout the session, closing at 51,317.60, registering a gain of 1.10%. This rise was primarily driven by buying interest in banking and financial stocks.

On the hourly chart, the index recovered from an oversold zone but faced resistance near the 61.8% retracement level at 51,350, indicating a key hurdle. On the daily chart, it traded within the range of the previous day's candle and below the 100-day SMA, reflecting underlying weakness. However, the 200-day SMA at 50,500 acts as a crucial support level for potential future moves. Technical indicators like RSI and MACD showed a negative crossover, signaling bearish sentiment.

For the near term, the index has strong support levels at 51,000 and 50,500, while resistance is observed at 51,800 and 52,200.
 

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