Bajaj Broking Closing Market Commentary for 24th February 2026

On February 24, coinciding with the monthly Nifty F&O expiry, Indian benchmark indices snapped their two-session rally and ended sharply lower, with the Nifty slipping below the 25,450 mark amid heavy selling in IT stocks on concerns over AI-driven disruption.

The market opened on a weak footing, with the Nifty starting below 25,650, and selling pressure intensified as the session progressed, dragging the index below 25,350 during the day.

At the close, the Sensex declined 1,068.74 points, or 1.28 percent, to settle at 82,225.92, while the Nifty fell 288.35 points, or 1.12 percent, to end at 25,424.65.

Broader markets also finished in the red, with the Nifty Midcap index easing 0.3 percent and the Small-cap index dropping 0.55 percent.

Among sectors, IT was the worst performer, plunging more than 4 percent, followed by realty, which lost over 2 percent. Meanwhile, metal, pharma, PSU Bank, oil & gas, and energy stocks bucked the trend, posting gains in the range of 0.3 to 1 percent.

Nifty Outlook

The index formed a bearish candle with a lower high and lower low as it gave up its last two sessions gains signaling selling pressure on the monthly expiry session.

Nifty is seen consolidating in the range of 25,350-25,900 in the last 8 sessions. Only a breakout or a breakdown below this range will signal next direction trend. Volatility is likely to remain elevated amid uncertain global cues.

A breach below Tuesday low 25,327 will open further downside towards the 200 days EMA and the previous gap area placed around 25,100-25,200. On the higher side immediate resistance is placed at Tuesday high of 25642, failure to move above the same will keep the immediate bias corrective.

Bank nifty Outlook

Bank Nifty formed a small bearish candle with small real body and a long lower shadow signaling consolidation amid stock specific action. PSU banking stocks continues its outperformance.

Bias remains positive and we believe dips should be used as buying opportunity, with short term support seen at 60,500-60,200 levels being the confluence of the 20 days EMA and the key retracement of previous up move. Volatility is likely to remain elevated amid uncertain global cues.

In the near-term index is likely to trade in the range of 60,000-61,750. A decisive move beyond this range could trigger fresh directional momentum.

Source : Election Commission of India

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