Nifty Prediction TodayAlthough the week began on a positive note with an upside gap opening and a successful breakout above the 23,850 hurdle, the market once again faced resistance near the 24,200 supply zone, as highlighted in our previous outlook. The Nifty managed to rally towards the 24,100 mark during the week but witnessed strong selling pressure from higher levels, resulting in a sharp decline towards the end of the week. As of now, there is no major change in our broader view. The index has once again approached the crucial 23,300–23,100 support zone, which continues to be the most important level to watch. We remain hopeful that this support band will hold and provide a base for the next meaningful move higher. On the upside, the immediate hurdle is placed near 23,800, while the major resistance remains at 24,100. Unless the index manages a decisive breakout above these levels, the market is likely to remain stuck in a broader consolidation phase. While the current price action may appear frustrating, it is important to remember that markets often test investors’ patience before rewarding them. Overall, the broader structure remains constructive as long as the 23,100 support zone remains intact.Nifty Support and Resistance Level L1L2CloseResistance243002450023,547Support2380023300 Exponential Moving AveragesExponential Moving Averages 200 DEMA24,73021 DEMA24,047Bank Nifty Prediction TodayIn line with our expectations, BANK NIFTY witnessed a breakout above the crucial 54,500 resistance zone and rallied sharply towards 55,500 during the week. However, weakness in the broader markets led to some profit booking, pulling the index back towards the 54,000 mark. Despite the correction, BANK NIFTY remains better placed than the benchmark indices from a technical perspective. The breakout above 54,500 remains intact, and as long as the index holds above the 52,800–53,200 support zone, the broader structure continues to remain positive. On the upside, 55,500 remains the immediate hurdle. A decisive move above this level could pave the way for a rally towards the 56,000–58,000 zone in the coming weeks. Overall, we continue to maintain a positive stance on the banking space and expect it to outperform the broader market.Bank Nifty Support and Resistance Level L1L2CloseResistance560005650054,239Support5450051500 Exponential Moving AveragesExponential Moving Averages 200 DEMA56,24321 DEMA54,532Share Market News and Events TodayPositive NewsHindustan Copper: Co. awarded a 20-year contract to Lohum Materials to resume operations at its Gujarat Copper Unit.Lupin: The company received US FDA approval for the bioequivalent of Sutab Tablets.Eveready Industries: Co. commenced operations at its new alkaline battery manufacturing unit in Jammu.Dalmia Bharat: Co. executed a transfer pact with Jaiprakash Associates where its arm, DCBL, will acquire 3 plants in UP and 1 in MP. This adds 5.2 MnTPA of cement capacity, taking total capacity to 54.7 MnTPA.PNC Infratech: Co. emerged as the L1 bidder for an Rs 302 crore EPC project awarded by the Airports Authority of India.Seamec : Co. announced that its vessel ‘Seamec Swordfish’ has been hired after the successful redressal of a technical defect.Negative NewsSuven Life: The company received an IT rectification order for AY21 concerning an R&D deduction disallowance, which it plans to challenge in appeal.Jubilant Pharmova: Co. received a USFDA warning letter for its Canada facility post an inspection at the Montreal unit. The company has initiated corrective actions and operations continue under enhanced oversightHero MotoCorp: LIC sold a 2% stake in the automaker, reducing its total shareholding to 5.1%.

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