Nifty and Bank Nifty Daily Analysis for 24 December 2024

Good morning, traders!

Yesterday, both indices moved as expected, with Nifty up 0.70% and Bank Nifty gaining 1.10%, driven by a gap-up opening.

Nifty Analysis

Nifty is showing a slight upward movement, which can be attributed to the significant decline seen last week. However, this bounce may be short-lived as resistance levels could trigger a pullback.

Key Levels to Watch

• Support: 23500.
• Resistance: 24000.

Insights

• PCR Data:
  • ATM: 0.94—slightly bullish.
  • Overall: 0.8—indicating caution as upward momentum may be limited.

Bank Nifty Analysis

Bank Nifty shows signs of a short-term bounce but is likely to encounter resistance soon.

Key Levels to Watch

• Support: 51000.
• Resistance: 51500.

Insights

• PCR Data:
  • ATM: 0.78 – neutral.
  • Overall: 0.6, leaning bearish.

Conclusion

With global markets observing a holiday tomorrow, today’s activity may remain subdued. However, Bank Nifty’s monthly expiry could introduce significant intraday volatility. Keep trades light and watch key resistance levels for potential reversals.

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