The Indian stock market is likely to see a lower opening on Wednesday, December 18, 2024, as global markets exhibit weakness. The trends on Gift Nifty, which was trading around 24,360, suggest a negative start for the benchmark indices, indicating a discount of nearly 60 points from the Nifty futures’ previous close.
On December 17, 2024, the domestic equity markets witnessed a significant decline. The Sensex dropped 1,064.12 points, or 1.30%, to close at 80,684.45, while the Nifty 50 fell by 332.25 points, or 1.35%, closing at 24,336.00. This sharp decline indicates weakness in the market, with Nifty 50 forming a long bear candle on the daily chart that almost erased the gains made on Friday.
According to Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, the market action suggests a lack of strength to sustain the recent upside bounce. However, the positive chart pattern with higher tops and bottoms is still intact. The critical support levels for Nifty 50 are between 24,200 and 24,000, and if the index manages to hold above these levels in the coming sessions, there could be a potential for a considerable upside bounce.
