Nifty Analysis by HDFC Securities
by Mr. Nandish Shah – Deputy Vice President, HDFC Securities
🕗 Last Update: 20 February 2026, 8.00 PM
Analysis for 23 February 2026
Nifty Gains over 100 points; PSU Banks and Metal gained the most
Nifty rebounded modestly by 116 points (0.46%) to close at 25,571, recovering from yesterday’s 365-point plunge. After early weakness in the first 15 minutes, Nifty reversed sharply, gaining nearly 300 points over the next three hours on fresh buying. Momentum waned post-12:30 PM, trapping the index in a choppy 130-point range for the rest of the day. Despite Thursday’s sharp fall, Nifty manages to end the week with a gain of 0.39%.
Hindalco, NTPC, Larsen & Toubro led Nifty gainers. On the other hand, Eternal, Infosys and Tech Mahindra fell the most to end as top losers.
All sectors closed green except Nifty IT and Media, with PSU Banks, Metal, and FMCG posting the strongest gains.
Nifty Midcap 100 rose 0.48%, but the Smallcap 100 defied the rally, slipping 0.11%. Market breadth remained negative, with a BSE advance-decline ratio of 0.84.
Indian rupee depreciated 31 paise against the dollar to close at 90.98 levels, its lowest close since 02-February. A surging US Dollar, geopolitical jitters, and relentless capital outflows have now pushed the Rupee into its fifth straight day of losses.
Nifty’s immediate support is now set at the recent swing low of 25,372. A breach here could trigger a slide toward the 200-day EMA at 25,237. On the upside, 25,700 emerges as near-term resistance.
