Nifty Intraday Support & Resistance Levels for 16.12.2024

On Friday, Nifty opened on a negative note, dropping to a low of 24180.80, entering the Daily Demand Zone. However, it staged an impressive recovery, reaching a high of 24792.30, testing the 15m Supply Zone, and closed strong at 24768.30, up 219 points over the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) is positive, signalling strength in the short term.

Demand/Support Zones
Far Demand/Support Zone (Daily): 23927.15 - 24188.45 (tested)
Far Demand/Support Zone (75m): 23447.15 - 23578.60

Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 24772.60 - 24857.75 (tested)
Near Supply/Resistance Zone (Weekly): 24567.65 - 25234.05 (tested)
Far Supply/Resistance Zone (Daily): 25739.20 - 25907.60
Far Supply/Resistance Zone (Daily): 26151.40 - 26277.35

Note:
Resistance at 24700 breached: Nifty crossed this critical level and closed above it, a positive sign. Since Nifty is now trading within the Weekly Supply Zone (24567.65 - 25234.05), staying cautiously optimistic is recommended.