Nifty Prediction Today
The NIFTY index started the session with a sharp downside gap amid heightened concerns around Brent crude near the $108 mark, triggering panic selling in the early trade. The index slipped towards 23,200 but importantly managed to hold its ground and recover from the lows. Going ahead, our view remains unchanged — the 23,200–23,100 zone is a crucial support area, and the market can start stabilizing and turn around from these levels. The daily RSI is now at its lowest levels seen in the past few months, while most lower time frames are already deeply oversold, suggesting that the scope for aggressive fresh selling may be limited from here. We also expect crude prices to cool off somewhat, which could provide further relief to equities. On the upside, 23,600–23,800 remains the immediate hurdle, and a sustained move above this zone can trigger a sharper recovery. Markets often make their best moves when confidence is at its lowest, and after a prolonged decline, the risk-reward is gradually starting to look more favourable for a reversal.
Nifty Support and Resistance Level
| L1 | L2 | Close | |
| Resistance | 23600 | 23800 | 23,398 |
| Support | 23200 | 23000 |
Exponential Moving Averages
| Exponential MovingAverages | |
| 200 DEMA | 24,433 |
| 21 DEMA | 24,002 |
Bank Nifty Prediction Today
NIFTY Bank witnessed a sharp dip today, breaking below the crucial 56,000 support and slipping towards 55,700. However, the sharp recovery of nearly 1,000 points from the lows is what makes the current setup interesting. The price action indicates strong buying interest in the 56,000–55,000 zone, making this entire band an important support and hope zone for the bulls. As long as this zone is respected, we believe Bank Nifty can stabilize and attempt a meaningful recovery from here. On the upside, 57,000 is the first important trigger, and a sustained move above this level can lead to a fast recovery towards 58,000, which remains the major hurdle. For now, the sharp recovery from the lows gives us reason to remain hopeful rather than turn aggressively bearish.
Bank Nifty Support and Resistance Level
| L1 | L2 | Close | |
| Resistance | 57000 | 57600 | 56,606 |
| Support | 56000 | 55500 |
Exponential Moving Averages
| Exponential MovingAverages | |
| 200 DEMA | 56,760 |
| 21 DEMA | 57,171 |
Share Market News and Events Today
Positive News
- Waaree Renewable: Incorporates arm Sunstar Data Centres for data centre business. New entity to develop and operate data centres, including hyperscale, AI-ready and GPU hosting facilities.
- Tata Chemicals: Tata Chemicals North America completes acquisition of North American soda ash customer contracts. Contracts represent over 5 Lakh tonnes to be serviced over two years.
- NTPC: NTPC Green Energy declares commercial operation of additional 6.3 MW of Vanki Wind Energy. NTPC Green Energy Group's commercial capacity rises to 10,842.86 MW from 10,836.56 MW. NTPC Group's installed capacity rises to 91,086 MW; commercial capacity to 90,006 MW.
- SJVN: To commence operations of Unit II of Buxar Power Project on September 12. Unit has a capacity of 660 MW.
- JSW Infrastructure: Arm JSW Port Logistics gets LOI for Ballari ICD project.
- TVS Motors: Launches expanded Apache portfolio in Sri Lanka, comprising four Apache motorcycles.
Neutral/Negative News
- Coforge: DK Singh resigns as chairperson of nomination and remuneration committee. Interim chair Vivek Sharma to lead search for independent directors and oversee process of electing new chair. Company says Singh's resignation has no other material reason.
