By Vineet Kumar 
Trade Setup for December 30: Will Nifty Break the 24,000 Barrier in the Final Stretch of 2024?
As the year approaches its final trading sessions, the Nifty is battling to maintain momentum amid pressure from heavyweight stocks and key technical hurdles.
Market Recap
On Friday, the Nifty opened with optimism, pushing past the 23,813 mark early in the session. However, resistance near the 23,900-24,000 zone capped further gains, leading to mid-session weakness. Despite the pullback, the index closed 63 points higher at 23,813.40, registering a weekly gain of 1% in a thinly traded market.
The Sensex, Nifty, and Nifty Bank posted modest gains for the week, while the Midcap Index remained flat. Out of the Nifty50 constituents, M&M, Trent, and Adani Ports emerged as top gainers.
Key Market Cues
1. Auto Sales Data: As the new year begins, December’s auto sales figures will be closely monitored for market cues.
2. FII Activity: Foreign institutional investors (FIIs) continued as net sellers on Friday, while domestic institutional investors (DIIs) stepped in as net buyers.
3. Currency Trends: The rupee’s weakening against the US dollar could play a pivotal role in shaping short-term market direction.
Technical Insights: Can Nifty Scale 24,000?
The Nifty remains below its key moving averages (200 DEMA and 9-day EMA), signaling cautious sentiment. According to Nagaraj Shetti of HDFC Securities, while the short-term trend is marginally positive, strong resistance lies between 24,000-24,200, making this range a potential sell-on-rise opportunity.
Immediate support is seen at 23,650, with a breach of 23,500 likely intensifying selling pressure toward November’s low of 23,263.15, as highlighted by Ajit Mishra of Religare Broking. On the upside, the 24,100-24,400 zone remains a critical resistance area requiring significant momentum for a breakout.
Nandish Shah of HDFC Securities emphasizes the bearish positional trend, with the index trading below its 20, 50, 100, and 200-day SMAs. For the upcoming week, the band of 24,065-23,537 is expected to act as key resistance and support levels.
What About Nifty Bank?
The Nifty Bank index closed at 51,311.30, up 0.27%, forming a bullish harami pattern on the weekly chart. While this signals the potential for a reversal, the index remains below critical moving averages, indicating muted sentiment.
Key levels to watch:
Support: 51,000
Resistance: 51,800 (a breakout above this could trigger bullish momentum).
Outlook for the Final Sessions of 2024
With limited trading sessions left, Nifty’s ability to scale 24,000 hinges on strong FII inflows and a decisive breakout above resistance levels. On the downside, a breach below critical supports could trigger further selling pressure, setting the tone for early 2025.
Stay tuned to TradingThought for real-time updates and actionable insights as the markets wrap up an eventful 2024!
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Visit www.tradingthought.com for more stock market analysis, strategies, and updates.
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