2026-02-16 23:55:14
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Market Commentary
Bajaj Broking Closing Market Commentary for 16th February 2026
Posted On : 2026-02-16 19:45:50( TIMEZONE : IST )
Benchmark indices witnessed a strong rebound on 16th February, supported by buying interest emerging from lower levels after recent correction. The rally was mainly aided by easing global bond yields after softer-than-expected US inflation data, which strengthened expectations of a possible US Fed rate cut later this year, improving overall risk sentiment.
Additionally, strong buying in banking and FMCG stocks along with value buying in heavyweights lifted the market during the second half of the session. At close, the Sensex was up 650.39 points or 0.79% to settle at 83,277.15, while the Nifty gained 211.65 points (0.83%) to end at 25,682.75.
On the sectoral front, most sectors contributed to today's rally, with Nifty Realty, Banking, FMCG and Oil & Gas emerging as key gainers, supported by strong participation in financial heavyweights. Meanwhile, Nifty Auto and Nifty Media remained the only laggards during the session. The broader market also participated in the up move, with the Midcap index rising 0.48%, while the Smallcap index posted a marginal gain of 0.11%, indicating selective buying beyond frontline stocks.
Nifty Outlook
The index witnessed a strong rebound from oversold levels on the daily timeframe, with the hourly chart indicating sustained buying momentum. It closed near the day's high, reflecting positive sentiment. On the candlestick front, a bullish engulfing pattern has formed on the daily chart, signalling potential reversal signals on shorter timeframe. Immediate support levels are seen at 25,550, followed by 25,380. On the upside, near-term resistance is placed at 25,750, with the next hurdle at 25,840.
Bank Nifty Outlook
The index mirrored Nifty's price action on the daily chart, indicating strong buying interest at lower levels. A bullish engulfing candlestick has formed, highlighting robust demand near the 20-day EMA around the 60,000 mark. Going ahead, the index is expected to consolidate with a positive bias in the 60,000-61,500 range over the next few sessions. Immediate support is placed at 60,400 followed by 60200 being the confluence of short term moving averages , while near-term resistance stands at 61,500, followed by the all-time high zone near 61,750.
