Nifty Intraday Support & Resistance Levels for 31.12.2024

On Monday, Nifty opened on a negative note but rebounded after finding support at 23,700, rallying to a high of 23,915.35. However, selling pressure dragged it down to a low of 23,599.30, entering the 15-minute demand zone. It eventually closed at 23,644.90, losing 168 points compared to the previous close. The Weekly Trend (50 SMA) remains sideways, while the Daily Trend (50 SMA) continues to be negative.

Demand/Support Zones
Near Demand/Support Zone (15m): 23,537.35 - 23,632.30 (tested)
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 (15m): 23,862.05 - 23,915.35
Near Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45
Near Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)

Outlook
Nifty's entry into the 15m demand zone highlights minor support, but selling at higher levels capped any significant recovery. A move above the 15m resistance zone at 23,862.05 - 23,915.35 may attract buyers, while failure to hold the tested demand zone could lead to further downside.