Stock Market Technical Analysis | 23 to 27 Feb 2026 Weekly Wrap

Indian equities ended the week on a cautious note with the benchmark index slipping while banking stocks showed relative resilience. Sectoral divergence, FII selling, and derivatives positioning provide key cues for the upcoming trading sessions.

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• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 1.54% cut at 25179 level. Banking Index performed better than the benchmark index as it closed with 1.05% cut at 60529 level.
• Among the Nifty constituents, APOLLOHOSP and NTPC outperformed the benchmark index as they closed with 2.71% and 2.40% gains while ETERNAL and TECHM underperformed as they closed with 8.59% and 6.80% cut respectively. Among the Bank Nifty constituents UNIONBANK outperformed the benchmark index as it closed with 4.27% gain while IDFCFIRSTB underperformed the benchmark index as it closed with 12.01% cut.
• Among sectors, NIFTYPHARMA index outperformed the benchmark index during the previous week as it closed with 2.23% gain while NIFTYREALTY index underperformed as it closed with 4.89% cut. Broader market performed better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.67% and 0.43% cut respectively.
• Volatility index (India VIX) closed with 4.53% cut at 13.7 level.
• FII were net sellers as they sold stocks worth Rs 4,630 Cr while DII were net buyers as they bought stocks worth Rs 12,312 Cr during the previous week in the cash segment.
• Globally, equity markets traded mixed as US market (DJIA) closed with 1.31% cut while European market (STOXX 600) closed with 0.52% gain.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 25400 call and 23100 put with max OI at 26000 call and 25000 put side (02nd Mar expiry). Nifty cumulative PCR closed at 0.63 for Feb 27.
• Derivatives data for Bank-nifty suggest max OI addition at 61000 call and 59300 put with max OI at 61000 for both side call and put side (30th Mar expiry). Bank-nifty cumulative PCR closed at 1.04 for Feb 27.

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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 with negative bias in the previous week and closed with bearish candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile because of geopolitical tensions, in the coming week
• Benchmark Index has support at 24,800–24,600 level and resistance at 25,500–25,700 level

BANKNIFTY (WEEKLY)

• Banking index performed better than the benchmark and closed with indecisive 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 59,500-59,000 and resistance at 61,500-62,000 level

FINNIFTY (WEEKLY)

• FINNIFTY index lagged the banking index and closed with bearish 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 27,400-27,200 level and resistance at 28,300-28,500 level

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Market FAQs – Weekly Summary

Why did the Nifty decline last week?

Nifty declined 1.54% mainly due to FII selling of Rs 4,630 crore and weakness in select large-cap stocks such as Tech Mahindra and Eternal. However, domestic institutional investors provided support with buying worth Rs 12,312 crore.

Which sectors outperformed the market?

The Nifty Pharma index outperformed the broader market with a 2.23% weekly gain, while defensive buying in healthcare stocks supported the sector despite overall market weakness.

Which sectors underperformed the market?

The Nifty Realty index was the worst-performing sector with a 4.89% decline, reflecting profit booking and weakness in rate-sensitive stocks.

What does the India VIX movement indicate?

India VIX declined 4.53% to 13.7, indicating reduced market volatility expectations and relatively stable short-term sentiment among traders.

What are the key Nifty levels from derivatives data?

Derivatives data shows strong call OI at 26,000 and put OI at 25,000, suggesting resistance near 25,400–26,000 and support around 25,000 for the upcoming expiry.

Which stocks outperformed and underperformed?

Apollo Hospitals and NTPC were among the top gainers, while Eternal and Tech Mahindra were among the biggest laggards in the Nifty index.

Before You Trade, Strengthen Your Foundations with These Guides

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• Want to refine your risk-reward planning? Explore our insights on 👉 Position Sizing & Risk Management Strategies.
• Understand the sectoral trends impacting stocks like Asian Paints. 👉 Consumer Durables Sector Analysis
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