Nifty and Bank Nifty Daily Analysis for 17 December 202

Good morning, traders!

On Monday, Nifty closed in the red, down 0.40%, while Bank Nifty ended the day flat, reflecting a lack of clear direction in the market.

Nifty Analysis

Nifty showed a bearish bias throughout the day and continues to face resistance.

Key Levels to Watch

• Resistance: 24800 (key breakout level) and 25000.

• Support: 24500.

Insights

• PCR Data:

• ATM: 0.77 (slightly bullish).

• Overall: 0.8, but increased call OI at 24700 and 25000 suggests strong resistance ahead.

• Nifty needs to break and sustain above 24800 for fresh buying opportunities.

Trading Outlook

The bias remains sideways to bearish for today. Watch for potential rejections near resistance levels.

Bank Nifty Analysis

Bank Nifty formed a Doji candle on Monday, indicating indecision.

Key Levels to Watch

• Resistance: 53900 (breakout level for bullish momentum).

• Support: Undefined due to lack of clear direction.

Trading Outlook

Until Bank Nifty breaks above 53900, it’s better to remain on the sidelines and avoid taking trades in uncertain conditions.

Conclusion

Both Nifty and Bank Nifty are struggling to break resistance levels, indicating sideways or bearish movement. Wait for clear breakouts before entering trades, and stay cautious in this range-bound market.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice.