Market Updates 24.12.2024
Ankush Bajaj 
Global & Technical NEWS
The Indian stock market ended Monday on a positive note, with both major indices closing in the green. The Nifty 50 climbed 0.73%, gaining 172 points to close at 23,758, while the Bank Nifty rose 1.10%, adding 560 points to close at 51,317. The uptrend was driven by buying interest in Financials and Metal sectors, with optimistic cues from global markets providing additional support.
The rally was fueled by favorable U.S. inflation data and developments in the steel industry, where a safeguard probe on imports boosted investor sentiment toward domestic metal companies.
The top gainers on Nifty included HDFC Bank (+2.35%), Tata Steel (+1.90%), and JSW Steel (+1.65%). There were no major losers as the market witnessed a broad-based rally.
Indian Stock Market’s Outlook
The Nifty closed above its crucial support at 23,700, with technical indicators suggesting continued bullish momentum.
- Support Levels: 23,600, 23,500
- Resistance Levels: 23,800, 23,900
- Options Data: Maximum OI at 23,500 PE suggests strong support, while 24,000 CE indicates resistance.
For Bank Nifty:
- Support Levels: 51,100, 50,900
- Resistance Levels: 51,500, 51,700
The Bank Nifty gained strength above its 200-day SMA at 50,800, with RSI at 65, signaling positive momentum.
As the market approaches monthly expiry, traders should monitor options data and key technical levels for potential reversals or breakouts.