Nifty Prediction TodayAt the current juncture, the 38.2% retracement level of the Nifty’s April rally is placed near the 23,680 zone, which is likely to act as an important technical support area. In addition, the equal-length correction measured from the April top and the recent May top also coincides with the same region, creating a strong confluence support zone on the charts. Such overlapping technical levels generally increase the probability of a price reversal or short-term recovery from the mentioned area.Nifty Support and Resistance Level L1L2CloseResistance24,00024,10023,816Support23,70023,600 Exponential Moving AveragesExponential Moving Averages 200 DEMA24,743.9821 DEMA24,039.97Bank Nifty Prediction TodayOn the hourly chart, Bank Nifty is currently placed near the 54,400–54,200 zone, which had earlier acted as a strong support region. The index is showing signs of stability around these levels, indicating the possibility of buying interest emerging from lower zones. Additionally, a bullish divergence is visible on the RSI indicator on the hourly timeframe, suggesting weakening downside momentum and the potential for a reversal. This technical setup indicates that the recent decline may be losing strength. Hence, Bank Nifty may witness a recovery in the coming few sessions if it manages to sustain above the mentioned support zone. Traders should closely monitor price action near support levels.Bank Nifty Support and Resistance Level L1L2CloseResistance546005480054440Support5400053800 Exponential Moving AveragesExponential Moving Averages 200 DEMA56,558.8321 DEMA55,397.26Share Market News and Events TodayPositive NewsAfcons Infra: The infrastructure firm has been selected as the lowest and most suitable bidder for a major project in Europe valued at Rs 7,544 crore.Bharat Forge: The company has signed a long-term supply contract with aerospace major Embraer for the manufacturing of landing gear forgings.HFCL: The telecom equipment maker has secured export orders worth Rs 184 crore for the supply of optical fiber cables to international markets.HG Infra Engineering: The construction firm has received a substantial Letter of Award (LoA) worth Rs 3,931 crore from Welspun Enterprises for a road project located in Maharashtra.Negative NewsSyrma SGS: The company has dropped its planned acquisition of a 49% stake in K-Solare. The proposed joint venture with Premier Energies was called off because the conditions precedent were not met. (Negative)

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