Indian markets snapped eight-day losing streak on February 17 to end marginally higher in the volatile session on February 17 with Nifty at around 22,950 led by pharma, metal, financial stocks.
Amid mixed global cues, the Indian indices opened on a weak note and extended selling pressure as the day progressed, but mid-session buying helped to recover from day's low to end marginally higher.
At close, the Sensex was up 57.65 points or 0.08 percent at 75,996.86, and the Nifty was up 30.25 points or 0.13 percent at 22,959.50.
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Bajaj Finserv, Adani Enterprises, Power Grid Corp, IndusInd Bank and Shriram Finance were among top gainers on the Nifty, while losers were M&M, Bharti Airtel, Wipro, TCS, Infosys.
Broader indices performance remained mix as BSE Midcap index ended 0.5 percent higher, while the smallcap index was down 0.6 percent.
Among sectors, auto, IT, telecom, media shed 0.5-1 percent, while pharma, PSU Bank, energy, consumer durables, metal indices rose 0.5-1 percent.
More than 900 stocks touched their 52-week low on the BSE, including NTPC, Tata Motors, Power Grid, SBI, Hero MotoCorp, Coal India, Tanla Platforms, Kirloskar Oil, Data Patterns, Carborundum, EIH, Relaxo Footwear, Tata Teleservices, PNC Infratech, Jyothy Labs, Anupam Rasayan, TitaGarh Rail, Thermax, NMDC Steel, Shoppers Stop, Balaji Amines, Graphite India, among others. Click here to view more
Outlook for February 18
Rupak De, Senior Technical Analyst at LKP Securities
The index closed significantly higher from the day’s low, driven by buying interest at the lower end of the range. However, sentiment remains weak as it failed to reclaim the key Fibonacci retracement level. Additionally, the index continues to trade below critical moving averages, reinforcing the overall bearish undertone.
In the short term, the index is likely to remain a sell-on-rise candidate unless it decisively crosses above 23,150 on a closing or sustained basis. On the downside, support is placed at 22,800.
Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates
The Nifty index opened with a gap down but, after initial volatility, reclaimed support at 22,780 and staged a recovery, ultimately settling flat at 22,960. The volatility index, India VIX, surged 4.71% to 15.72, indicating heightened market volatility.
Technically, on the daily scale, Nifty has formed a bullish belt hold candlestick pattern near multiple support zone, indicating strength. As long as the index holds 22,725, a buy-on-dips strategy remains favorable. The 21-Day Simple Moving Average (DSMA) at 23,240 acts as an immediate hurdle, and a decisive move above 23,250 could confirm a near-term bottom reversal.
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