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Indian markets are expected to open on a muted-to-negative basis on February 17 as indicated by GIFT Nifty trading near 25,637. It is around 80 points below the previous Nifty futures close.
Domestic markets staged a recovery on Monday. The Sensex rose 650.39 points or 0.79% to 83,277.15 while Nifty 50 advanced 211.65 points or 0.83% to 25,682.75.
Broader markets were relatively subdued with the Midcap index up 0.5%. Smallcap index was marginally higher by 0.1%.
Technically, Nifty 50 formed a bullish engulfing candle on the daily chart often viewed as a reversal signal after short-term weakness.
Derivatives positioning suggests consolidation. At 25,500 level significant put writing can be seen suggesting strong support at this level while call writing at 26,000 highlights resistance.
Immediate support stands at 25,550 followed by a stronger base near 25,200-25,250. A close below 25,200 could expose the index to 25,000.
On the upside sustained move above 25,750 may push the index toward 26,000 with momentum strengthening above 25,900.
The Sensex has formed a long bullish candle on its daily chart which shows increased buying activity.
The index will maintain its ability to pull back toward 83,700-84,000 as long as it stays above the 83,000-82,700 support level.
However a break below 82,700 could shift sentiment and drag the index toward 81,800-82,000 with a deeper corrective risk toward 80,500.
Bank Nifty outperformed on Monday and gained 762.45 points or 1.27% to close at 60,949.10. It reclaimed the 60,000 psychological mark.
The index rebounded sharply from its 20-day EMA, forming a strong bullish candle.
Immediate support is placed at 60,500-60,400 followed by 60,200. If sustained above 60,500 the index could extend gains toward 61,500 and 62,100 in the short term. Resistance is seen near 61,200-61,500.
Sectorally Nifty Realty (+1.6%), PSU Banks (+1.5%), and Private Banks (+1.2%) led gains on Monday.
Nifty Media (-0.8%) and Auto (-0.7%) underperformed. Capital market stocks is still under pressure after the RBI introduced tighter lending norms for brokers and intermediaries.
With Q3 FY26 earnings largely concluded Nifty earnings grew around 7% year-on-year while larger market earnings recorded double-digit growth.
Markets are expected to trade in a range with a mild positive undertone as investors monitor developments from Infosys’ AI-focused investor meet and the India AI Impact Summit. It could drive near-term sentiment in IT stocks.
