Chart patterns across timeframes reflect indecision and rising volatility, suggesting exhaustion of the recent corrective phase rather than a clear trend reversal. Analysts see a decisive close above 25,880–25,900 zone as key to reviving upside momentum, while a break below 25,400–25,500 may deepen near-term weakness.

NAGARAJ SHETTI
SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIES

Where is the Nifty headed?
Nifty attempted to sustain higher levels on Friday but selling pressure near 25,900 stymied the recovery attempt. The index remains rangebound between 25,900– 26,000 on the upside and 25,500 on the downside. On weekly chart, Nifty formed a high-wave type bull candle, reflecting continued volatility after last week’s sharp weakness. The broader trend remains choppy. A decisive move above 25,900 could open upside towards 26,300, while a break below 25,500 may deepen weakness towards 25,150 in the near term. Trading Strategies: On a move above 25,900, traders may consider buying Nifty February futures around 26,100 or Nifty 26,100 CE of February 24 expiry around `350–400 for near-term upside. On a break below 25,500, traders may look to short Nifty February futures around 25,700 for potential downside.

TOP STOCK BETS

CANARA BANK: BUY CMP Rs 157.1 | Target Price Rs 166 | Stop Loss Rs 152

Stock showed a sharp upmove on Friday and witnessed a breakout from consolidation. Bullish chart patterns such as higher tops and higher bottoms remain intact. Volumes expanded during the upside breakout, and the daily RSI shows a positive indication.

TECH MAHINDRA: BUY CMP Rs 1,670.5 | Target Price Rs 1,760 | Stop Loss Rs 1,620

Shifted into a bullish flag breakout on Friday and closed higher. The hurdles of the daily 10- and 20-EMAs have been decisively breached. Volumes expanded, and daily RSI shows positive indications for the stock price ahead.

MEHUL KOTHARI
DVP – TECHNICAL RESEARCH, ANAND RATHI SHARE AND STOCK BROKERS

Where is Nifty headed?
Nifty continues to trade rangebound, holding firmly above the key 25,400 support, which remains a strong demand zone. On the upside, 25,900 is a critical resistance, and only a decisive breakout above this level can trigger a sustained upside move. If the index remains in 25,400–25,900 range, the trend is expected to stay sideways, warranting a cautious and selective approach. Volatility is picking up, and sharp moves cannot be ruled out once the range resolves.

Trading Strategies: In a rising volatility environment, aggressive short option strategies should be avoided. Traders are advised to wait for directional confirmation before deploying options trades. A directional bet in options can be considered only on a decisive move above 25,900 or below 25,400. A breakout above 25,900 may favour Bull Call Spreads, while a breakdown below 25,400 could open opportunities for Bear Put Spreads.

TOP STOCK BETS

RAIL VIKAS NIGAM: BUY CMP Rs 334.7 | Target Price Rs 380 | Stop Loss Rs 303

RVNL remains attractive from a thematic perspective, driven by the railway and Budget linked theme. The stock can be accumulated in the Rs 335–330 range.

BANK OF INDIA: BUY CMP Rs 157.2 | Target Price Rs 180 | Stop Loss Rs 142

Bank of India is consolidating near a strong support zone of Rs 157–153 after a sharp up move. As long as Rs 142 is protected, the broader structure remains positive, with upside potential towards Rs 180 over the next few months.

SACCHITANAND UTTEKAR
VP – RESEARCH (TECHNICAL & DERIVATIVES), TRADEBULLS SECURITIES

Where is Nifty headed?
Last week’s recovery from the 25,430 support formed a bullish Hammer on the daily chart, while the weekly chart printed a Spinning Top, signalling indecisiveness. Both patterns indicate exhaustion of the corrective phase within the 25,880–25,430 band. The Hammer was followed by a reversal pattern resembling an Inverse Hammer in subsequent sessions, with key resistance placed at 25,880 (50-DEMA). However, these bullish signals will gain validity only if the index decisively sustains above 25,880 on a closing basis. Options data points to a range shift towards 25,500– 26,000, with strong support seen near 25,500 for the current weekly series.

Trading Strategies: Nifty: Traders may consider initiating fresh long positions only on a sustained, closing based breakout above 25,880. Until such confirmation emerges, a long–short trading approach remains prudent, as the index is likely to stay range-bound between 26,050 and 25,430. Buying near support and selling near resistance within this band could remain the preferred strategy for short-term traders.

Bank Nifty: Bank Nifty continues to remain in a ‘long-only’ mode. Traders can continue to deploy long positions, even on declines towards the 59,850 zone, with a strict stop loss below 59,710. The index holds potential to move towards the 60,600– 60,850 zone in the near term, as long as key supports remain intact.

TOP STOCK BETS

ULTRATECH CEMENT: BUY at Rs 12,370 | CMP Rs 12,377 | Target Price Rs 13,100 | Stop Loss Rs 12,040

On the weekly chart, stock appears to have completed its Flat Wave corrective pattern with a strong base near the 11,500 zone. A bullish crossover of the 5- and 20-WEMAs, coupled with the weekly RSI breaking above the 50 mark, signals a revival in momentum. The structure now favours an upward extension, making it a high-probability positional long.