Exclusive Technical Analysis of the Market by Nagaraj Shetti
Senior Technical Research Analyst, HDFC Securities
🕗 Last Updated: 16 February 2026, 6.00 AM
🔔 Nifty Market Update – 17 February 2026
After showing sharp weakness amidst weak global cues on Friday, Nifty witnessed an excellent bounce back from the lows on Monday and closed the day higher by 211 points. After negative opening, the market slipped into further weakness soon after the opening. The sharp upside recovery that emerged from the early part of the session and continued till the end.
A long bull candle has been formed on the daily chart after opening lower. Technically, this market action indicates a formation of ‘Bullish Engulfing’ candle pattern, which is positive indication. The opening downside gap of Friday has been filled partially.
The sharp bounce back of Monday seems to have opened the doors for bulls to comeback. A sustainable move above the recent down gap resistance at 25750 could pull Nifty towards 26000 levels in the near term. Immediate support is placed at 25550.
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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.
