Chartist Talk: Ashish Kyal bets on Nifty 26,000 after Trump tariff verdict, backs 2 stocks this week

Ashish Kyal is the Founder and CEO of Waves Strategy Advisors

• Nifty 50 likely to move toward upper end of range near key Gann level of 26,002
• After initial gap-up opening on Monday, short-term dip cannot be ruled out
• Any decline toward the 25,750–25,780 zone could present buying opportunity
• Granules India appears strong from a short-term perspective

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According to Ashish Kyal, the Founder and CEO of Waves Strategy Advisors, following the recent US court verdict against Donald Trump tariffs, the Nifty 50 is likely to open with a gap-up and may move toward the upper end of the range near the key Gann level of 26,002.

After the initial gap-up opening on Monday, a short-term dip cannot be ruled out. Any decline toward the 25,750–25,780 zone could present a buying opportunity for a near-term target of 26,002, he advised.

Among stocks, he believes Granules India appears strong from a short-term perspective, having delivered a decisive breakout from a triangle pattern in the previous session. KEI Industries has also witnessed a strong breakout from a multi-resistance zone around Rs 4,600, supported by healthy volumes in the prior trading session, he said in an interview to Moneycontrol.

In the current week, do you expect the rally to remain sustainable even after Monday’s potential 350–400-point surge following the Supreme Court’s decision to strike down the Trump-era tariffs, considering the current momentum and technical indicators?

On the weekly chart, the Nifty indicates resilience as prices have not closed below the prior week’s low for the past three consecutive weeks in February. Despite the ongoing pressure, Bank Nifty has continued to outperform, highlighting relative strength within the broader market.

Overall, technical structures suggest a broad consolidation phase, with the Nifty 50 moving in a wide range since February 3, following the announcement of the US trade developments. Importantly, the market has repeatedly found strong support near the Gann level of 25,361, bouncing back from this zone multiple times. This level now becomes a critical support for the near term. US court verdict is definitely positive for India and the technical structure is already positive from medium to long term perspective for move to lifetime highs.

What are the key Nifty levels to watch next week, and what would be your trading strategy?

Following the recent US court verdict against Donald Trump tariffs, the index is likely to open with a gap-up and may move toward the upper end of the range near the key Gann level of 26,002. After the initial gap-up opening on Monday, a short-term dip cannot be ruled out, and any decline toward the 25,750–25,780 zone could present a buying opportunity for a near-term target of 26,002.

From a broader perspective, the long-term trend remains constructive, and the Nifty is expected to eventually move toward fresh lifetime highs, with a likely breakout above the 26,370 mark.

Do you strongly believe that Bank Nifty will continue to outperform the Nifty 50 going forward?

Bank Nifty continues to respect its 54-day time cycle, with prices typically gaining positive momentum around the cycle date. The latest cycle occurred on February 6, 2026, when the index formed a low near 59,644. Since then, Bank Nifty has already rebounded to the 61,600 zone in the previous week, and the ongoing price structure suggests that the upward momentum is likely to continue.

The current rally has largely been led by PSU banks, while private sector banks are yet to fully participate. In the near term, Bank Nifty is expected to move toward 63,500 and potentially surpass this level for higher targets, provided the key downside support near the gap area of 59,840 remains intact.

Do you think 31,000 is a crucial support level for the Nifty IT index?

Nifty IT index remains structurally weak after a sharp fall from 40,000 to around 32,000 in the past three weeks. The index is approaching a key support near 31,000, but the intensity of the decline and breakdowns in heavyweight stocks like Infosys and TCS indicate that this level may not hold.

A breakdown below Rs 31,000 could lead to further downside toward Rs 28,500. Caution is advised until the index delivers a strong positive weekly close indicating stability.

Are you bullish on JSW Energy, NTPC, and Ashok Leyland?

JSW Energy is showing a reversal from a strong multi-support zone near Rs 429, indicating improving momentum. The stock can move toward Rs 555 over the medium term, while Rs 470 remains the key near-term support.

NTPC has given a strong breakout after a consolidation phase since February 3 and closed near the day’s high, suggesting continued strength. The stock is likely to head toward Rs 400, with crucial downside support placed at Rs 362.

Ashok Leyland remains in a medium- to long-term uptrend and continues to outperform within the auto space. As long as the key support at Rs 202 holds, the stock is expected to move toward the Rs 225 level.

Which two stocks would you recommend for the coming week?

Granules India appears strong from a short-term perspective, having delivered a decisive breakout from a triangle pattern in the previous session. The breakout indicates potential for further upside toward Rs 630 level, while immediate downside support is placed near Rs 575.

KEI Industries has also witnessed a strong breakout from a multi-resistance zone around Rs 4,600, supported by healthy volumes in the prior trading session. The breakout suggests continuation of the upward trend, with the stock likely to move toward the Rs 5,200 level. On the downside, Rs 4,600 zone now acts as immediate support.