Technical Analysis of Nifty by Nagaraj Shetti
Senior Technical Research Analyst, HDFC Securities
🕗 Last Updated: 19 February 2026, 6.00 AM
🔔 Nifty Market Update – 20 February 2026
Nifty witnessed bloodbath on Thursday on the back of rising geo-political tension between US and Iran and the market tanked down by 365 points. After opening on a positive note, the market was not able to sustain near 25900 levels and started to show declines from the highs. The weakness got intensified in the mid-later part of the session and Nifty closed near the lows.
A long-range bear candle has been formed on the daily chart (approx. 500 points high low range) that closed near the swing low of 16th Feb. Technically, this market action indicates a formation of ‘Bearish Engulfing’ pattern and also a faster retracement of previous four sessions range on the downside in single session. This is not a good sign.
The short term trend of Nifty has reversed down sharply on Thursday after a minor bounce back. A slide below 25400 could drag Nifty down to the next support of 25200-25100 levels in the near term.
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Stock recommendations by Nagaraj Shetti
Stock Recommendations by Nagaraj Shetti (HDFC Securities)
Senior Technical Analyst Nagaraj Shetti has identified a select group of stocks showing strong chart setups and momentum for short-term traders.
According to him, the near-term market structure remains supportive for selective long positions, especially in scrips showing breakouts above key resistance levels and higher-high formations on the daily chart.
Shetti recommends traders focus on stocks with rising volumes and bullish crossover patterns on the short- and medium-term moving averages.
He advises maintaining strict stop-loss levels and booking partial profits near resistance bands.
These recommendations are part of his latest weekly outlook published in Chanakya Ni Pothi, providing guidance on potential outperformers for the coming sessions.
