Home ยป Stock Market Prediction for Nifty & Bank Nifty 13th Dec 2023.

Stock Market Prediction for Nifty & Bank Nifty 13th Dec 2023.

Stock market today & prediction for 13th December 2023

Nifty is likely to remain mostly sideways to negative as long as it remains below 21000.

Stock Market Nifty Chart Prediction.

In Stock Market Today, benchmarks indices snapped a two-day winning run with Nifty falling from its record high as investors remained worried ahead of US inflation data and global central banks meeting.

At the closing bell, the Sensex closed 0.54% lower at 69,551.03, and Nifty dropped 0.43% to 20,906.40, despite an initial surge to a new high of 21,037.90. Positive global cues couldn’t sustain gains as profit booking in the second half led to a red finish near the day’s low.

Top performer on the Nifty included HDFC Life, UltraTech Cement, Bajaj Auto, SBI Life Insurance and Axis Bank. , while BPCL, Apollo Hospitals, Maruti Suzuki, Sun Pharma and Eicher Motors were among the losers.

The BSE midcap index shed 0.4 percent and smallcap index fell 0.2 percent.

Prediction For Wednesday NIFTY can go up if it goes above 21000 or down after the level of 20900 but all depends upon the Global cues.

The Nifty displays a bearish engulfing pattern on the daily chart, hinting at a potential bearish reversal. Call writers dominate at 21,000, while strong put writing is observed at 20,800 and 20,900, suggesting a sideways to negative outlook unless surpassing 21,000. A clear break above 21,000 could signal a resumption of the uptrend, while support lies at 20,800, with potential consolidation below this level.

Highest Call Writing at21000 (90.3 Lakhs)
Highest Put Writing at20900 (59.7 Lakhs)

Nifty Support and Resistance

Support 20836, 20766
Resistance21007, 21108

Bank Nifty Daily Chart Prediction

Prediction For Wednesday Bank NIFTY can go up if it goes above 47500 or down after the level of 47000 but it all depends upon the Global cues.

Bank Nifty faced resistance near 47500, struggling to surpass it and experiencing selling pressure. Lower-end support is at 46800, and a break below may lead to further decline towards 46400. Expect increased volatility with weekly expiry, caution and strict stop-loss measures are recommended for traders.

Highest Call Writing at47500 (46.7 Lakhs)
Highest Put Writing at47000 (35.4 Lakhs)

Bank Nifty Support and Resistance

Support46916, 46735
Resistance47366, 47365

Also, check our Article on the most common Indicators used in Swing Trading.

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