Nifty and Bank Nifty Index Market Prediction: 24th December 2024

As of December 23, 2024, the Nifty 50 index closed at 23,753.45, marking a 0.70% increase from the previous close. This rise was supported by gains in sectors such as Realty, Banking, and FMCG. The formation of a Spinning Bottom candlestick on the daily chart suggests a potential trend reversal, indicating that the index may move higher towards the 24,000 level.

tors are showing bullish signals:

• Support Levels: 23,500, 23,400, and 23,200
• Resistance Levels: 23,850, 24,000, and 24,200

The India VIX, a measure of market volatility, declined by nearly 10%, reflecting increased optimism among market participants. Additionally, the Relative Strength Index (RSI) rose from 33 to 39, indicating a shift from a downtrend to an uptrend.

For December 24, 2024, the Nifty 50 is expected to trade positively, potentially testing the 24,000 resistance level. However, investors should monitor global economic indicators and corporate earnings reports, as these factors could influence market movements.

Regarding the Bank Nifty index, specific predictions for December 24, 2024, are not available in the provided sources. However, the banking sector’s recent performance has been strong, contributing to the overall market’s upward movement. Investors should watch for sector-specific news and policy developments that may impact banking stocks.

As of December 23, 2024, the Nifty 50 index closed at 23,753.45, marking a 0.70% gain for the day. This upward movement was supported by sectors such as Realty, PSU Banks, FMCG, and Metal, each contributing approximately 1% gains. Key performers included JSW Steel, ITC, Hindalco, and Trent, while Hero MotoCorp, Maruti, Nestle, and HCL Tech were among the top laggards.

On the technical front, the Nifty exhibited signs of recovery on the hourly chart, with a short-covering move from oversold levels accompanied by a positive crossover. However, the daily chart indicates a bearish setup, with the index trading below its 100-day and 200-day Simple Moving Averages (SMAs). Indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) display negative crossovers, reinforcing the downward bias. For a trend reversal, the Nifty would need to close above critical resistance levels at 23,850 and 24,000. Until this occurs, traders are advised to exercise caution. On the downside, key support levels are identified at 23,500 and 23,300, with a breach potentially leading to further corrections toward 23,000 and 22,800.

Regarding the Bank Nifty, it closed at 51,317.60 on December 23, 2024, registering a gain of 1.10%. The index opened with a gap-up and remained sideways throughout the session, driven primarily by buying interest in banking and financial stocks. On the hourly chart, Bank Nifty recovered from an oversold zone but faced resistance near the 61.8% retracement level at 51,350, indicating a key hurdle. The daily chart shows the index trading within the range of the previous day’s candle and below the 100-day SMA, reflecting underlying weakness. Technical indicators like RSI and MACD exhibit negative crossovers, signaling bearish sentiment. In the near term, strong support levels are at 51,000 and 50,500, while resistance is observed at 51,800 and 52,200