GLOBAL QUES
| QUES | Close (JAN) | Previous Month’s Close (FEB) | Return (%) |
|---|---|---|---|
| DOW Jones Industrial (DJIA) | 48,892.47 | 48,977.92 | 0.17% |
| GOLD | 149,653 | 159,651 | 06.12% |
| SILVER | 291,925 | 281,990 | -03.40% |
| CRUDE OIL | 5,930 | 6,100 | 02.81% |
| USD-INR | 91.7890 | 91.233 | -0.61% |
| US BOND YIELD 10YR | 4.239% | 3.949% | -6.84% |
| IND BOND YIELD 10YR | 6.696 | 6.661 | -0.51% |
DOMESTIC MARKET PERFORMANCE
| Equity Indices | Exchange | Close (JAN) | Previous Month’s Close(FEB) | Return (%) |
|---|---|---|---|---|
| NIFTY | NSE | 25,320.65 | 25,178.65 | -0.56% |
| NIFTY BANK | NSE | 59,610.45 | 60,529.00 | 1.54% |
| NIFTY MIDCAP | NSE | 13,400.05 | 13,491.45 | 0.68% |
| NIFTY SMALLCAP | NSE | 16,879.10 | 16,928.90 | 0.30% |
| NIFTY FIN | NSE | 27,330.85 | 27,869.75 | 1.97% |
| NIFTY IT | NSE | 38,036.15 | 30,603.85 | -19.54% |
| NIFTY PHARMA | NSE | 21,715.10 | 22,952.35 | 5.70% |
| NIFTY AUTO | NSE | 26,750.35 | 28,158.85 | 5.27% |
| SENSEX | BSE | 82,269.78 | 81,287.19 | -1.19% |
| BANKEX | BSE | 67,069.05 | 68,139.54 | 1.60% |
NIFTY
Market Overview – February Performance
Nifty ended February 2026 slightly lower, closing near 25,178, declining around 0.5% for the month. After January’s correction, the index attempted a recovery but faced resistance near the previous swing highs. Despite the mild pullback, the broader structure of higher highs and higher lows remains intact. Importantly, price continues to trade above the 50-, 100-, and 200-EMAs, indicating that the larger primary trend is still positive, with the recent move reflecting controlled consolidation rather than structural weakness.
March Outlook
The March 2026 outlook remains cautiously bullish as long as Nifty holds above the 24,800–24,500 support zone. A sustained breakout above 25,800–26,000 could trigger a fresh upward leg toward 26,800–27,200. However, failure to reclaim 26,000 decisively may keep the index range-bound in the near term. Overall bias remains buy-on-dips within the broader uptrend.
Technical Indicators and Momentum
RSI is near 60, cooling from earlier higher levels, suggesting momentum reset rather than bearish divergence. The index is trading slightly above the 20-EMA and comfortably above longer-term averages, which continue to slope upward — a sign of structural strength. Momentum appears neutral-to-positive, awaiting a directional breakout.
Key Levels to Watch
Immediate Resistance: 25,800 – 26,000 Higher Targets: 26,800 – 27,200
Immediate Support: 24,800 Major Support: 24,500 – 24,200
BANKNIFTY
Market Overview – February Performance
Bank Nifty ended February 2026 on a strong note, closing near 60,529, gaining roughly 1.5% for the month. The index resumed its upward trajectory after January’s consolidation and successfully reclaimed higher levels within its rising channel. Price action shows strong bullish follow-through with a breakout above the recent consolidation range, indicating renewed buying interest. The structure of higher highs and higher lows remains intact, reinforcing the primary uptrend.
March Outlook
The March 2026 outlook remains firmly bullish as long as Bank Nifty sustains above the 59,000–58,500 support zone. A sustained move above 61,800–62,000 could open the path toward 63,500–65,000 in the coming weeks. Any short-term dips toward the rising 20-EMA are likely to attract fresh buying interest, maintaining a buy-on-dips approach within the broader uptrend.
Technical Indicators and Momentum
RSI is near 70, entering strong bullish territory but not yet showing extreme divergence. The index continues to trade comfortably above all key EMAs (20/50/100/200), which are positively aligned — a classic sign of trend continuation. The recent breakout candle suggests momentum expansion after time-wise consolidation.
Key Levels to Watch
Immediate Resistance: 61,800 – 62,000
Higher Targets: 63,500 – 65,000
Immediate Support: 59,000
Major Support: 58,000 – 57,500
Harshita Pawan Darak
Digitally signed by Harshita Pawan Darak Date: 2026.02.28 11:54+05:30
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