Stock Market Technical Analysis | 16 to 20 Feb 2026 Weekly Wrap

Nifty ended flat at 25,571 (+0.39%) while Bank Nifty outperformed (+1.64%) led by PSU banks. LT and HDFCLIFE gained; IT lagged. VIX rose to 14.35, FIIs sold ₹638 Cr while DIIs bought ₹4,335 Cr. Derivatives PCR near 1 signals range-bound bullish bias with stock-specific opportunities.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 0.39% gain at 25571 level. Banking Index outperformed the benchmark index as it closed with 1.64% gain at 61172 level.
• Among the Nifty constituents, LT and HDFCLIFE outperformed the benchmark index as they closed with 4.95% and 4.57% gains while ETERNAL and TECHM underperformed as they closed with 5.52% and 5.05% cut respectively. Among the Bank Nifty constituents PNB outperformed the benchmark index as it closed with 9.12% gain while ICICIBANK underperformed the benchmark index as it closed with 1.42% cut.
• Among sectors, NIFTYPSUBANK index outperformed the benchmark index during the previous week as it closed with 5.45% gain while NIFTYMEDIA index underperformed as it closed with 2.46% cut. Broader market performed mixed as MIDCAP index closed with 0.13% gain while SMALLCAP index closed with 0.18% cut.
• Volatility index (India VIX) closed with 6.22% gain at 14.35 level.
• FII were net sellers as they sold stocks worth Rs 638 Cr while DII were net buyers as they bought stocks worth Rs 4,335 Cr during the previous week in the cash segment.
• Globally, equity markets traded with positive bias as both US market (DJIA) and European markets (STOXX 600) closed with 0.25% and 2.08% gains respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 26500 call and 23100 put with max OI at 27000 call and 25000 put side (24th Feb expiry). Nifty cumulative PCR closed at 0.98 for Feb 20.
• Derivatives data for Bank-nifty suggest max OI addition at 61200 call and 61000 put with max OI at 63000 call and 60000 put side (24th Feb expiry). Bank-nifty cumulative PCR closed at 1.09 for Feb 20.

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Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded volatile in the previous week and closed with indecisive candlestick formation on the weekly chartBenchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 25,200–25,000 level and resistance at 26,000–26,200 level

BANKNIFTY (WEEKLY)

• Banking index outperformed the benchmark and closed with bullish candlestick formation on the weekly chart
• Banking index is likely to trade in line with the Benchmark index in the coming week
• Banking index has support at 60,000-59,500 and resistance at 62,300-62,800 level

FINNIFTY (WEEKLY)

• FINNIFTY index underperformed the banking index and closed with indecisive candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 27,700-27,500 level and resistance at 28,700-28,900 level.

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Market FAQs – Weekly Summary

What is the short-term outlook for Nifty?

Nifty closed at 25,571 with a marginal gain and PCR near 0.98, indicating a range-bound to mildly bullish trend. Key support is near 25,000–25,100, while resistance is seen around 26,500–27,000 based on options data.

Why did Bank Nifty outperform the broader market?

Bank Nifty gained 1.64% driven by strong momentum in PSU banks, especially PNB. Continued domestic institutional buying and improving sentiment toward financials supported the sector.

What does FII and DII activity indicate?

FIIs remained net sellers (₹638 Cr), but strong DII buying (₹4,335 Cr) provided market stability, indicating strong domestic liquidity support at current levels.

Which sectors showed strength and weakness?

Nifty PSU Bank led with a 5.45% gain, while Nifty Media underperformed. Broader markets remained mixed, with Midcaps slightly positive and Smallcaps marginally negative.

What does the rise in India VIX mean for traders?

India VIX rose to 14.35, suggesting increasing volatility. Traders should expect wider price swings and focus on risk management and stock-specific opportunities.

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