Nifty and Bank Nifty Daily Analysis for 23 December 2024

Good morning, traders!

Last week, the market experienced significant declines, with Nifty down 4.77% and Bank Nifty falling 5.27%.

Nifty Analysis

Nifty failed to cross the critical resistance at 24800, maintaining its bearish trend.

Key Levels to Watch

• Resistance: 24800.

• Support: Current levels suggest a possibility of a short-term bounce, but the overall trend remains bearish.

Insights

• PCR Data:

• ATM: 1.25 (indicating potential bounce).

• Overall: 0.7, reflecting market uncertainty.

• The broader market was weak on Friday, further confirming bearish sentiment.

Bank Nifty Analysis

Bank Nifty also stayed bearish, with high momentum declines last week.

Key Levels to Watch

• Resistance: 51000.

• Support: 50500.

Insights

Bank Nifty is at a key support level, similar to Nifty, suggesting a short-term bounce is possible before further downside.

Conclusion

Both Nifty and Bank Nifty remain bearish, but with key support levels holding, there’s potential for a short-term bounce. Monitor the market for changes in PCR and OI data throughout the day for clearer trading signals.

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