Nifty Intraday Support & Resistance Levels for 23.12.2024

On Friday, Nifty opened flat to positive and climbed to a high of 24,065.80, briefly crossing the previous day’s high. However, heavy selling pressure pushed it to a day low of 23,537.35, entering the 75m Demand Zone mentioned earlier. It closed negative for the 5th consecutive session at 23,587.50, losing 364 points. While the Weekly Trend (50 SMA) remains positive, the Daily Trend (50 SMA) has turned negative.

Demand/Support Zones
Near Demand/Support Zone (75m): 23,447.15 - 23,578.60 (tested)
Far Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15

Supply/Resistance Zones
Near Supply/Resistance Zone (75m): 23,892.70 - 23,993.90
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45
Far Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)

Outlook
Nifty has lost over 1,200 points during its five-day losing streak, entering an oversold zone on the 75m timeframe. With prices touching the 75m Demand Zone (23,447.15 - 23,578.60), there’s potential for a bounce back, provided the support holds.