Nifty and Bank Nifty Prediction Next Week 23rd to 27th December 2024: Indian equity benchmarks recorded their steepest weekly fall in the last two years, shedding around 5% during the week. The selloff in Indian markets was due to the cautious stance about the US rate cuts in the next year.
The market saw a sharp correction on Friday, with the Nifty index falling 1.52% as the correction continued. The Nifty weakened throughout the day, breaking below its crucial 200-day exponential moving average (DEMA) support.
The immediate support in the Nifty is expected near the 23,250 and 23,000 levels, while resistance is seen around 23,800 and 24,000. Overall, the Nifty is likely to trade sideways to bearish. However, a reversal into a bullish rally is expected in Nifty if it manages to break above the 24,100 mark.
The BANK NIFTY Price index closed at 50,759.20 and ended lower by 5.27% as compared to the previous week’s close. The weekly chart of Bank Nifty is showing strong bearish signals, as the index failed to sustain higher levels, indicating a possible trend reversal. A bearish engulfing pattern is forming this week, indicating a downward momentum.
Nifty & Bank Nifty Futures Price Movement on Friday
The Nifty futures price for the December series opened at 23994, a negative opening of 24.8 points on Friday. It touched an intraday high of 24097.75 and a day’s low of 23575.
The Nifty futures price moved 522.75 points intraday. Ultimately, the Nifty futures closed lower by 377.10 points or 1.57% at the 23641.70 level.
The Bank Nifty futures for the December series opened at 51621 It made a negative opening of 128.7 points on Friday. The Bank Nifty futures touched an intraday high at 51721.75 and a day’s low at 50622.40.
During the day, the Bank Nifty futures have given a movement of 1099.35 points. In the end, Bank Nifty Futures closed lower by 917.45 points or 1.77 percent and closed at the 50832.25 level.
Nifty & Bank Nifty Prediction Next Week, 23rd to 27th December 2024
According to BL Guru of Businessline, the charts show that there is room for some more fall from here before a reversal happens. BL Guru said Nifty has supports at 23,500 and 23,000. A bounce back from any of these supports can take the Nifty 50 index up to 24,100 or 24,400.
Meanwhile, the Nifty Bank Index has supports at 50,500 and 49,800. It can move up to 51,700 or 52,400 from either of these supports.
Conclusion
Indian markets faced a steep decline last week, driven by cautious sentiment over US rate cuts. For the coming week, Nifty has support at 23,250 and 23,000, with resistance at 23,800 and 24,000. A break above 24,100 may trigger a bullish reversal. Bank Nifty is bearish, with support at 50,500 and 49,800, and potential resistance at 51,700 and 52,400. Traders should watch key levels for recovery signals.
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