Quote on Pre-market comment for Wednesday February 11 by Aakash Shah, Technical Research Analyst, Choice Broking
Below the Quote on Pre-market comment for Wednesday February 11 by Aakash Shah, Technical Research Analyst, Choice Broking
Indian equity markets are expected to begin Wednesday’s session on a positive note, supported by firm global cues and strong indications from GIFT Nifty, which is trading around the 26,050 mark, pointing to a higher opening. Positive momentum in U.S. markets, continued optimism around the interim India–U.S. trade framework, and strong corporate earnings are providing near-term support to domestic equities.However, with Nifty approaching the key psychological resistance of 26,000, traders may adopt a cautious approach at higher levels.
In the previous session, benchmark indices extended their recovery for the third consecutive day, with the Nifty 50 closing above the 25,900 mark, while the Sensex gained over 200 points. The rally was led by auto, metal, and select consumption and healthcare stocks. Stocks such as Titan, Apollo Hospitals, and Eicher Motors outperformed following better-than-expected quarterly results, boosting overall market sentiment. Broader markets also showed resilience, with midcap and smallcap indices posting modest gains, reflecting improving risk appetite.
From a technical perspective, the Nifty continues to trade above its key short-term moving averages and is holding firmly above the 25,800–25,900 support zone. The immediate upside resistance is placed near 26,000. A decisive breakout above 26,000 could trigger fresh short-covering and extend the ongoing recovery. On the downside, 25,800 remains a crucial support, followed by 25,700. The overall structure remains positive but suggests a potential phase of consolidation near resistance.
The Bank Nifty continues to show relative strength, supported by selective buying in PSU and private sector banks. Immediate support is seen near 60,400–60,300, while resistance is placed around 60,900–61,000. Sustained strength above this zone could further improve sentiment in the financial space.
On the flows front, foreign institutional investors (FIIs) remained net buyers on Tuesday, marking the third consecutive session of inflows, purchasing shares worth approximately ?69 crore reflecting improving global risk sentiment. Domestic institutional investors (DIIs) were active buyers, with net purchases of around ?1,174 crore, indicating selective participation at higher levels.
Overall, markets are likely to witness a positive but range-bound session with a bullish bias. Traders may continue to focus on auto, metals, banking, and stock-specific opportunities driven by earnings. However, with Nifty nearing the key 26,000 resistance, a cautious and disciplined risk management approach is advised.
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