The Sensex closed 485 points, or 0.58%, higher at 84,065.75, while the Nifty 50 rose 174 points, or 0.68%, to settle at 25,867.30. Mid- and small-cap segments outperformed. The BSE 150 MidCap Index jumped 1.66%, while the BSE 250 SmallCap Index surged 2.45%.
Two stock recommendations by MarketSmith India for 10 February:
Buy: CCL Products (India) Ltd (current price: ₹1,021)
- Why it’s recommended: Strong global demand for instant coffee, with CCL benefiting from long-term contracts with international FMCG clients and rising private-label penetration, capacity expansion, and improving product mix toward higher-margin freeze-dried and premium coffee variants, and supporting earnings visibility.
- Key metrics: P/E: 35.23, 52-week high: ₹1,074, volume: ₹3.88 crore
- Technical analysis: consolidation base breakout
- Risk factors: Volatility in green coffee prices and currency movements, which can pressure margins despite partial pass-through mechanisms, high dependence on a few large global customers, and increasing concentration risk.
- Buy at: ₹1,020–1,040
- Target price: ₹1,160 in two to three months
- Stop loss: ₹960
Buy: BSE Ltd (current price: ₹2,985)
- Why it’s recommended: Structural growth in India’s capital markets, with rising retail participation driving higher cash market and derivatives volumes. Strong operating leverage from technology-led platforms, allowing revenue growth to translate efficiently into profitability.
- Key metrics: P/E:68.58, 52-week high: ₹3,025 volume: ₹54.62 crore
- Technical analysis: cup-with-handle breakout
- Risk factors: Intense competition from NSE, particularly in high-volume segments like equity derivatives, limiting market share gains, regulatory changes affecting transaction charges, product approvals, or trading structures, impacting revenue visibility.
- Buy at: ₹2,970–3,000
- Target price: ₹3,450 in two to three months
- Stop loss: ₹2,789
Nifty 50 recap | 9 February
On Monday, Indian equities ended the session on a firm footing, supported by broad-based buying and strong sectoral participation. Nifty 50 closed at 25,867.3, up 173.6 points or 0.68%, after trading within a narrow but positive range throughout the session, indicating steady accumulation at higher levels.
Market breadth was decisively positive, with the advance-decline ratio skewed strongly in favour of gainers (2,484 advances, 728 declines, and 93 remain unchanged), reflecting healthy risk appetite across the broader market. Sector-wise, PSU Banks, Media, Consumer Durables, Metals, and Healthcare led the rally, while Financial Services and Auto stocks also posted solid gains. Defensive pockets such as FMCG and IT underperformed but still managed modest upticks, suggesting selective rotation rather than risk aversion. The strength in mid- and small-cap healthcare and consumer-focused names further underlined the positive undertone.
From a technical perspective, Nifty 50 continues to display a constructive price structure despite recent volatility. The index formed a series of higher lows on the daily chart, indicating that buying interest is emerging on declines and the broader uptrend remains intact. Momentum indicators are showing early signs of improvement. The RSI has rebounded from lower levels and is now placed around the mid-50s, suggesting a recovery in momentum without entering overbought territory. This positioning typically supports continuation of the prevailing trend while leaving room for further upside.
Meanwhile, the MACD remains below the signal line but indicate a positive convergence, with histogram bars improving, suggesting that downside momentum is weakening and a potential bullish crossover could emerge if follow-through buying sustains.
According to O’Neil’s methodology of market direction, the Indian equity market transitioned from a Downtrend to a Rally Attempt, indicating an early improvement in the near-term market tone.
The index delivered a decisive close above its 50- and 100-DMA in a single move, underscoring a sharp improvement in near- to medium-term sentiment. However, following the recent euphoric single-day rally, the market is likely approach a phase of consolidation as it digests the gains and attempts to form a healthy base at higher levels.
Such stabilization would be constructive for the sustainability of the ongoing uptrend. On the downside, 25,400–25,100 is expected to act as an immediate cushion, where buying interest may emerge on declines. On the upside, 25,800–26,000 represents a strong hurdle for the index, given the supply seen near higher levels. A sustained close above 26,000 would be a key technical trigger and could open the door for further upside toward 26,300–26,400 in the near term.
Nifty Bank performance | 9 February
Nifty Bank opened on a positive note at 60,805.20 and witnessed initial buying interest in early trade. The index moved higher to hit an intraday high of 60,876.20, but selling pressure at higher levels led to a mild pullback. It then tested the intraday low of 60,495.70, where buying support emerged, enabling a partial recovery from earlier losses.
Eventually, Nifty Bank closed at 60,669.35, registering a gain of 548.80 points or 0.91%, reflecting resilience at lower levels. The intraday recovery suggests that dip-buying remains active, especially near key short-term supports. Overall, the session indicates a constructive undertone, with buyers still willing to defend declines despite intermittent volatility seen near recent highs.
From a momentum perspective, the RSI (14) is around 60, remaining above the neutral zone of 50, indicating a positive bias without entering overbought territory. This suggests scope for further upside while maintaining healthy momentum. The MACD remains in positive territory, with the MACD line staying above the signal line, reflecting underlying bullish momentum. Although the histogram shows moderate expansion, it suggests a strengthening trend rather than exhaustion. Overall, momentum indicators support the ongoing uptrend, suggesting that pullbacks may continue to attract interest rather than aggressive selling.
On the support front, immediate support for Nifty Bank is placed near 60,500–60,400, aligned with key moving averages of 21- and 50-DMA, respectively. On the upside, resistance is seen near 61,000, and a decisive breakout above this level could open the door toward 61,500–62,000 in the coming sessions.
Based on the current technical structure, improving momentum indicators, and stable broader market sentiment, Nifty Bank is likely to remain range-bound with an upward bias in the near term. Sustained buying above resistance could trigger fresh upside, while dips toward support may continue to attract accumulation.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O’Neil. You can access a 10-day free trial by registering on its website.
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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
