Nifty Intraday Support & Resistance Levels for 20.12.2024

On Thursday, Nifty opened with a huge gap-down, touching a low of 23870.30, taking support near the 61.8% Fibonacci retracement level, and slightly recovering to a high of 24004.90. It ended the session at 23951.70, breaking below the critical 24000 psychological mark, losing 247 points. This marks the fourth consecutive negative session. Both the Weekly Trend (50 SMA) and Daily Trend (50 SMA) are sideways.

Demand/Support Zones
Near Support: 23872 (61.8% Fibonacci retracement level)
Near Demand/Support Zone (75m): 23447.15 - 23578.60
Far Support: 23263 (low of 21st November 2024)
Far Demand/Support Zone (Daily): 21791.95 - 22910.15

Supply/Resistance Zones
Near Supply/Resistance Zone (125m): 24601.75 - 24698.10
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

Key Insights
Nifty continues to face strong resistance at 24700 - 25000 levels and has now fallen below 24000, a key psychological level. If 25000 is not reclaimed soon and 23000 breaks, the index could witness further downside or prolonged sideways movement in the coming months.