#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
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