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Below the Quote on Market Commentary (closing) for 23rd February 2026 by Bajaj Broking

Market Closing Commentary

Indian equity benchmarks ended February 23rd on a strong footing, with the Nifty closing above the 25,700 level. Domestic markets cheered the U.S. Supreme Court’s verdict overturning Trump’s reciprocal tariff policy.

Investors are now awaiting further details on his revised strategy and the potential course of renegotiations by other countries.

At the close, the Sensex advanced 479.95 points, or 0.58 percent, to 83,294.66, while the Nifty gained 141.75 points, or 0.55 percent, to settle at 25,713.

On the sectoral front, Information Technology fell 1.4 percent and metals declined 0.2 percent. In contrast, the PSU Bank index rose 1.3 percent. Pharma, oil & gas, infrastructure, FMCG, and auto sectors posted gains of around 0.5 percent each.

Broader markets were mixed, with the Nifty Midcap index slipping 0.4 percent, whereas the Small-cap index inched up 0.3 percent.

Nifty Outlook                            

The index formed a small bullish candle with shadows in either direction signaling consolidation with positive bias for the second session in a row. The index in the process moved above its 20- & 50-days EMA.

Nifty is seen consolidating in the range of 25,400-25,900 in the last 7-8 sessions. Only a breakout or a breakdown below this range will signal next direction trend. Volatility is likely to remain elevated amid uncertain global cues. 

On the daily chart index has formed a potential double bottom around the last week low of 25,372. Index holding above the same and a move above last week high of 25900 will signal strength and open upside towards 26,200-26,300 levels in the coming weeks.

While a breach below last week low 25,372 will open further downside towards the 200 days EMA and the previous gap area placed around 25,100-25,200.

Bank nifty Outlook

Bank Nifty formed a high wave candle with small real body and shadows in either direction signaling consolidation amid stock specific action. PSU banking stocks continues to outperform the private banking stocks.

Bias remains positive and we believe dips should be used as buying opportunity, with short term support seen at 60,500-60,200 levels being the confluence of the 20 days EMA and the key retracement of previous up move. Volatility is likely to remain elevated amid uncertain global cues. 

In the near-term index is likely to trade in the range of 60,000-61,750. A decisive move beyond this range could trigger fresh directional momentum.

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