Nifty Technical Outlook

Based on Market Closing on Friday, December 13, 2024

Based on the market closing on Friday, December 13, 2024, the Nifty ended at 24,768.30, gaining 219.60 points or 0.89%. The bullish momentum is expected to continue if the index moves decisively above 24,800.

In the previous session, Nifty opened on a negative note at 24,498.30 and extended the decline to hit the intraday low of 24,180.80 during the morning trade. However, strong buying interest led to a sharp recovery, with the index testing an intraday high of 24,792.30 before closing at 24,768.30. Sectorally, FMCG, banks, IT, and financial services emerged as the biggest gainers, while metal, media, realty, and pharma ended with losses. The market breadth remained negative, with 1,055 stocks rising, 1,609 falling, and 128 unchanged. The top gainers within the Nifty were BHARTIARTL, KOTAKBANK, ITC, and HINDUNILVR, while the major losers included SHRIRAMFIN, TATASTEEL, INDUSINDBK, and HINDALCO.

From a technical perspective, momentum indicators signal a positive trend, with the Nifty comfortably trading above its short-term moving averages. Additionally, the formation of a long white candle on the daily chart and a close above the recent consolidation range suggest robust bullish momentum. The long lower shadow of the candle indicates strong buying support near the lower levels, reinforcing the market's strength.

In conclusion, the Nifty’s strong recovery and breakout from its consolidation range indicate a firm bullish outlook. Traders should closely watch the 24,800 level for further upward movement while maintaining caution near the identified support zones.

For intraday trading, the Nifty has immediate support at 24,700, followed by 24,600 and 24,500. On the upside, resistance is seen at 24,800–24,850, and a breakout above these levels could extend gains toward 24,900–25,000.

Positional traders should monitor short-term support at 24,500–23,800, with resistance levels at 25,000–25,500.

Bank Nifty Technical Outlook

In the previous session, Bank Nifty closed at 53,583.80, gaining 367.35 points. Technically, momentum indicators continue to reflect a positive trend, as the index trades above its short-term and long-term moving averages. The formation of a long white candle on the daily chart, coupled with a close near the day's high, indicates strong bullish momentum and a positive bias for the index.

On the upside, Bank Nifty faces immediate intraday resistance at 53,670, and a move above this level could extend the bullish trend. On the downside, the nearest intraday support is at 53,400, with further supports at 53,200 and 53,000, as seen on the 15-minute charts. Resistance levels for intraday traders are at 53,900 and 54,150.

For positional traders, short-term support is located in the range of 52,750–51,750, while resistance can be seen between 53,850–54,500.

In conclusion, the Bank Nifty’s strong performance and bullish chart formation suggest the uptrend is intact. Traders should watch for a breakout above 53,670 for further upward movement while keeping an eye on 53,400 as immediate support.