Stock market news: India’s stock market indices are likely to open relatively unchanged on Wednesday, following slight gains in the previous session primarily driven by IT stocks after the Infosys–Anthropic partnership.
The Gift Nifty was hovering around the 25,762 mark, showing a premium of nearly 23 points over the previous close of Nifty futures.
Analysts predict a continuation of consolidation due to the lack of significant catalysts.
On Tuesday, both the Nifty 50 and Sensex increased by about 0.2%, with the IT index gaining roughly 1% as investors reacted positively to the potential AI-related deal momentum in complex, regulated sectors after Infosys revealed its collaboration with Anthropic.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 closed in the positive territory on the day of the weekly expiry which is a positive sign. Despite initial dip and volatility, the Index managed to closed above 25,700 levels, indicates that 25,500 levels now is a critical support and till this level is held the short-term trend is positive.
On the upside, 26,000 strike has the highest call base and until that level is not taken off the range for the Index will be 25,500 to 26,000 levels, hence it will be range bound till this range is not broken on either side.
The Nifty IT overall has weighed pressure on the Index whereas Nifty Bank has supported the Index mainly the PSU banks, so the NBFCs and PSU banks look positive whereas Nifty IT is still indecisive. The Options data as well as India VIX indicates that since the range is broader there could be volatility and only if 26,000 levels get broken on the upside, then there will be drop in volatility else the rise in volatility can lead to a breakdown from 25,500 levels.
Bank Nifty
The BankNifty has been outperforming the overall market and within that the PSU Banks have been relatively outperforming the markets and they are still looking better as compared to that of Private sector banks. Above 61,000 levels , the next target comes to 61,750 and 62,250 levels, whereas, 60,500 and 60,000 are now very crucial support and till these levels are not broken the short term trend remains positive for the Index.
The PCR is also well above 1 at 1.25 clearly indicating that the bulls have an upper hand. So, buy on dips until 60,000 levels are not taken off as the Bank Nifty this week as engulfed the entire previous 8 days of correction or consolidation.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Union Bank Futures, Max Financial Services Futures (MFSL), and Colgate Palmolive (India) Futures.
Buy Union Bank futures in the range of ₹186-189; stop loss of ₹183; Targets of ₹194 and ₹197
Union bank has provided a breakout from multiple swing resistance with a bullish crossover in the momentum indicator MACD on the daily charts along as well as some increase in OI in futures indicating fresh ling built up. In the previous price correction, the OI dropped along with the price indicating profit booking and now with the rise in price, the OI is expected to increase again which will fuel further upside.
As per the options data, 180 strike has the highest put base whereas 190 strike has highest call base which when taken off will lead to further upside due to call unwinding. The max pain is at 180 and the stock is trading well above that indicating positive trend in the short term.
Buy MFSL futures in the range of ₹1,850-1,865; stop loss of ₹1,795; Targets of ₹1,920-1,950
MFSL has provided a breakout from the sideways consolidation i.e. a triangular pattern with increasing OI in futures indicating bullish breakout and long built up as well. The options data indicate that there are more put writers than call writers hence the PCR is at 1.20 and there are few occasions wherein the PCR is well above 1 in stocks, this indicates that there is more upside likely in the near term. The max pain is at 1780 and the stock is at 1860 which is well above max pain, hence it is bullish.
Buy Colgate Palmolive futures in the range of ₹2,140-2,150; stop loss of ₹2,090; Targets of ₹2,230-2,260
Colgate Palmolive futures has formed a bullish wedge pattern which is a bullish reversal pattern and with that the stock has huge short built up, hence a short covering cant be ruled out as there has been positive divergence in the momentum indicators on the daily as well as weekly charts. Above 2,200 levels there can be huge call unwinding which can lead to further upside in the stock.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 17/02/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
