Nifty and Bank Nifty Prediction for the week 23 Dec'24 to 27 Dec'24 by BL GURU

Last week we said that an early #Santa rally is possible. That view has gone wrong. The Indian benchmark indices, #nifty50 and #niftybank remained under pressure since the beginning of the week.

The US #Fedmeeting outcome on Wednesday added more fuel to the fall. The #Federalreserve reduced the forecast for the pace of rate cuts next year. That triggered a strong sell-off in the global equity markets.

On the charts, there is room for some more fall from here before a reversal happens.

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#Nifty has supports at 23,500 and 23,000. A bounce from either of these supports can take the #nifty50index up to 24,100 or 24,400.

#NiftyBankindex has supports at 50,500 and 49,800. It can move up to 51,700 or 52,400 from either of these supports

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