Indian equity markets are expected to open with a positive bias on February 11, tracking supportive domestic cues. The GIFT Nifty shows a firm start with the index trading at 26,058 with a 72-point gain over its previous Nifty futures close.

The benchmark indices continued their winning streak for a third consecutive day on Tuesday as the Sensex closed 208 points or 0.25% higher at 84,273.92 and the Nifty 50 finished 67.85 points or 0.26% up at 25,935.15. 

The broader markets showed better performance as the midcap gained 0.49% and the smallcap stocks increased 0.38%.

Sensex Outlook 

Technically, Sensex formed a Doji candle on the daily chart, highlighting indecision between buyers and sellers. 

While the short-term trend remains constructive, analysts note that a dip below 84,100 could trigger a pullback towards the 83,700-83,500 zone. 

On the upside, 84,500 is seen as an immediate resistance and a sustained breakout above this level could open the path toward 84,800-85,000.

Nifty 50 Outlook

The Nifty 50 formed a high-wave type candle, reflecting minor volatility at higher levels. Key support is placed around 25,800, close to the 50-day moving average near 25,790. 

A decisive move beyond 26,000 could lead to short covering and push the index towards 26,200-26,350 in the near term. 

Derivatives data shows heavy put writing at 25,900 and call writing at 26,000 this shows a narrow trading band, reinforcing a buy-on-dips approach until a clear breakout emerges.

Notably, India VIX slipping below 12 continues to provide comfort to bullish participants.

Bank Nifty Outlook

The Bank Nifty closed at 60,626 with a minor decline and formed a candle that indicates consolidation instead of showing market weakness. 

The index maintains its position above key moving averages, suggesting trend stability. The index needs to break through the resistance level between 60,900 and 61,000 while the support level exists between 60,100 and 60,000. 

As long as Bank Nifty sustains above 59,900, the bullish structure remains intact with upside potential towards 61,500-62,000 on a breakout.

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Sectoral View and Market Drivers 

Sectorally, performance was mixed. Most indices finished in the green, except pharma, healthcare and PSU bank stocks. 

The media index led gains with a strong 2.4% jump, followed by the auto index which advanced 1.3%, supported by expectations of demand improvement and stock-specific buying.

Tariff-related concerns are easing and global sentiment is stabilising. Market participants are now closely tracking the progress of the US economic data and Q3 earnings season which has so far delivered mixed results and largely fallen short of expectations.