#Nifty50 outlook for upcoming week 23-27th Dec 2024
The Nifty experienced a tumultuous week, plummeting roughly 1200 points to close at 23587 after reaching a high of 24781 and a low of 23537. This sharp decline was largely attributed to a hawkish stance from the US Federal Reserve, triggering a sell-off in the US market and prompting significant Foreign Institutional Investor (FII) selling in India. The 5% correction from its peak has brought the Nifty dangerously close to the crucial WEMA50 support level at 23426. However, there are signs of a potential bullish reversal forming a 'W' pattern. Sustaining above 23426 will be critical for a market turnaround.
Next week, I expect a volatile trading range between 24100 and 23000. A breach of these levels could lead to significant market moves. The monthly Nifty chart also indicates weakness, suggesting further downside potential towards the 22250 support level, representing a 5.7% decline from current levels.
This presents a valuable opportunity for investors to prepare a watchlist of their preferred stocks and strategically accumulate positions during any further market correction
Next week, I expect a volatile trading range between 24100 and 23000. A breach of these levels could lead to significant market moves. The monthly Nifty chart also indicates weakness, suggesting further downside potential towards the 22250 support level, representing a 5.7% decline from current levels.
This presents a valuable opportunity for investors to prepare a watchlist of their preferred stocks and strategically accumulate positions during any further market correction
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.