Daily Morning Report – 24/02/26

NIFTY OUTLOOK: 25713.00   FII  3483.70 cr    DII  -1292.24 cr

As discussed yesterday, market behaviour remained on expected lines. Nifty respected its opening bullish gap of 3rd February 2026 and rallied up to 25771.45.

A bullish spinning-type candle appeared on the daily chart of Nifty, suggesting volatility and indecision about the index direction. As Nifty continues to hold its near-term bullish momentum, the bias favours bulls. If bulls take the lead, Nifty may rally towards 25857–25930 on a decisive breakout above 25785. If demand strengthens further, it may test 26005.

However, if bears take control, a decisive breakdown below 25641 may drag Nifty towards 25570–25495. If supply intensifies further, it may test 25425.

Bank Nifty OUTLOOK:
Spot: 61264.25 | PCR: 0.92 | Max CE OI: 63000 | Max PE OI: 60000

On 23rd February 2026, Bank Nifty closed at 61264.25, up 92.25 points (0.15%). The total movement during the session was 488.65 points, with a high of 61517.80 and a low of 61029.15.

Technical View:

Important support and resistance levels are 60650 and 61700, respectively.

Intraday support and resistance are placed at 61130 and 61399.

The RSI for Nifty Bank stands at 59.6. Below 30 is considered oversold, while above 70 is overbought.

Bank nifty Day SMA Analysis

Bank nifty is trading above 8 out of 8 SMA’s (5, 10, 20, 30, 50, 100, 150, 200 Day).

Bank nifty is trading below 0 out of 8 SMA’s.

No Candlestick Pattern was identified in bank nifty on daily chart.

Macros :

1.Dollar index is @ 97.775 ( +0.12%)

2.Vix is @ 21.01 (+10.06%)

3. Brent Crude is @ 71.07

4.US 10 years bond yield is @ 4.042

Note:
In a significant development in the U.S., a group of 22 Senate Democrats on Monday introduced legislation requiring the Trump administration to fully refund, within 180 days and with interest, all revenue collected from tariffs struck down by the U.S. Supreme Court.

The legislation would direct the Customs and Border Protection agency, which collects tariffs at U.S. ports of entry, to prioritise small businesses.

U.S. Treasury Secretary Scott Bessent said on Sunday that the administration would follow lower court determinations on refunds, noting that the process could take weeks or months.

On the commodities front, bullion is trading at elevated levels amid Iran tensions and the latest U.S. tariff developments. Equities appear tense and are likely to remain negative to sideways in the near term.

Important Pivot Point Levels for Today:

Nifty

Bank Nifty

By Ashok Bhandari (RA)
SEBI Regd. No. INH00019549