Bajaj Broking Closing Market Commentary for 17th February 2026

Indian equity benchmarks extended their gains for the second straight session on February 17, closing in positive territory despite subdued global cues. Market participants adopted a watchful stance, awaiting clearer signals from the Federal Reserve, upcoming macroeconomic data releases, and further developments surrounding US-Iran discussions, while maintaining a cautiously optimistic outlook.

By the end of the session, the Sensex advanced 173.81 points (0.21%) to settle at 83,450.96, while the Nifty added 42.65 points (0.17%) to close at 25,725.40. On the sectoral front, buying interest was visible across most sectors, with PSU Banks, IT, and FMCG stocks providing the primary support to the indices. In contrast, Metals and Realty stocks witnessed selling pressure during the day. The broader market also showed positive participation, as the Nifty Midcap index gained 0.27% and the Nifty Small-cap index rose 0.56%, indicating selective buying beyond frontline stocks.

Nifty Outlook

The index extended yesterday's bullish momentum with follow-through buying, closing decisively above its 21-day and 50-day EMAs while also filling the recent gap on the daily chart. This price action indicates improving short-term sentiment and a pickup in buying interest at lower levels. In the near term, the index is likely to trade within the 25,500-26,000 range, and it is currently positioned around the midpoint of this band, suggesting a balanced tug-of-war between buyers and sellers. A sustained move beyond either boundary could provide the next directional trigger.

Immediate support is placed at 25,640, followed by 25,580, which may act as a cushion on minor pullbacks. On the upside, resistance is seen at 25,780, with the next hurdle at 25,840. A decisive breakout above these levels could open room for further upside within the broader range. Overall, the market structure remains sideways, as the index continues to consolidate following the recent correction, indicating a phase of base formation before the next meaningful move.

Bank Nifty Outlook

The index outperformed the Nifty, demonstrating notable relative strength and breaking above its recent consolidation range. This move confirms follow-through buying from yesterday's bullish momentum and signals improving market breadth within the segment. In the near term, the index is expected to trade with a positive bias as long as it sustains above the breakout zone. The index is currently trading above its key moving averages, reinforcing the strength of the prevailing momentum and suggesting that the upward trajectory may continue in the short term. Immediate resistance is placed at 61,500, followed by 61,800, where some profit booking may emerge. A decisive move above these levels could extend the ongoing uptrend. On the downside, support levels have shifted higher to 60,800, followed by 60,500, indicating that buyers are stepping in at elevated levels.

Source : Equity Bulls

Keywords

BajajBroking ClosingMarketCommentary Nifty Sensex