Nifty Index Forecast Today

The Nifty Index index concluded the session at 22,912, marking a significant gain of 400 points. This close was comfortably above the crucial support range of 22,000-22,500. Looking ahead, the immediate significant resistance is identified in the 23,300-23,400 zone. Technically, this area holds considerable importance and is anticipated to act as a strong resistance barrier in the next trading sessions. A breakthrough above this level could potentially trigger fresh buying interest in the market. The next immediate resistance is set at 23,400, followed by a more substantial resistance zone between 24,000–24,400.

This perspective is reinforced by derivatives data, which shows a high concentration of Call Open Interest (OI) at the 24,000–24,100 strikes, indicating a significant resistance ceiling. Conversely, substantial Put Open Interest (OI) at the 22,000–22,500 strikes confirms a robust support base. Overall, while the broader market sentiment appears positive, traders are cautioned to remain vigilant due to prevailing global trade uncertainties and potential developments concerning interest rates.

Nifty Index Support and Resistance Levels

Exponential Moving Averages (EMA) for Nifty Index

Bank Nifty Index Index Forecast Today

Bank Nifty Index Index Support and Resistance Levels

Exponential Moving Averages (EMA) for Bank Nifty Index Index

Today’s Stock Market News and Events

Positive News

• NTPC Green: The company has signed a Memorandum of Understanding (MoU) with Nxtra Data to advance renewable energy projects.
• Waaree Energies: Waaree Energies has approved a capital expenditure (capex) plan of Rs. 3,900 crore for establishing a new glass manufacturing facility.
• Seagull India: Seagull India secured two orders totaling Rs. 397 crore from Poorva Green Power.
• ACME Solar: ACME Solar has commissioned 35.71 megawatts (MW) of capacity in the second phase of its Battery Energy Storage System (BESS) project.
• BPCL: BPCL’s joint venture with Sembcorp has secured a contract to supply 10 KTPA (thousand tonnes per annum) of green hydrogen to Numaligarh Refinery. Additionally, BPCL has commissioned its 2G bioethanol refinery in Bargarh (HURL).

Neutral/Negative News

• Avenue Supermarts: The company has opened two new stores across Telangana and Andhra Pradesh, bringing its total store count to 469.
• Oil India/ONGC: Oil prices experienced a sharp decline, with Brent crude falling below $100 per barrel, attributed to the de-escalation of tensions in West Asia. (This is considered a negative development for these companies).