Stock market today: Indian stock markets witnessed a significant rise on Wednesday, following a sharp decline in the benchmark indices due to a major global tech selloff. The Sensex surged by nearly 700 points in the morning, while the Nifty 50 remained above the 25,650-level.
As of 14:11 IST, the Nifty 50 was trading flat at 25,461 . 25, and the BSE Sensex was trading at 82,217.79. The indices had dropped over 1% the previous day.
Market dynamics appear mixed, with gains in the auto, metal, pharma, and midcap sectors countered by declines in banking, FMCG, real estate, and certain defensive stocks. This trend indicates selective risk-taking rather than a widespread consensus, as investors shift their focus within sectors amid cautious sentiment and stock-specific strategies.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has closed in the negative territory on the day of Monthly expiry for February series; however, the rollover data suggests that the FIIs have significantly reduced the short positions from above 2 lakhs contracts to now 1.06 lakh contracts so almost 50% reduction in the short positions which is a positive sign for the bulls.
So far, they have been positive in the equity cash segment as well for the month of February 2026 and this has happened after July 2025, so this is equally positive as despite 21% decline in Nifty IT Index their number is still positive for the month so far. The concern is the India VIX which is still higher on a closing basis as despite the Nifty recovered post the budget day drop the VIX didn’t cooled off completely except for few days, so on the upside 15-16 is the critical range which it should not surpass as above that will be very negative for the Index going ahead. The options data suggests that 26,000 strike on the upside is now a critical resistance and until that is not taken off then short-term trend will be sideways to negative only.
The immediate support is however at 25,500 levels as there is good built up in put open interest, however, a follow up close below the same indicates that 25,000 levels can also be tested. So, based on these observations, the short-term trend remains sideways to negative at least until 26,000 levels are not taken off on a closing basis, however, there are few stocks which look positive in the near term which may outperform the Index.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Colgate Palmolive (India) Futures, Exide Industries Futures, and Cholamandalam Investment and Finance Company Futures.
Buy Cholamandalam Investment and Finance Company futures in the range of ₹1,325-1,735; targets of ₹1,785-1,825; stop loss of ₹1,690
The stock has provided a breakout from the falling channel with an increase in the open interest indicating that the upside potential is higher. The stock has also outperformed the Nifty 50 and overall, the BFSI space has been trading with a positive bias which is also quite supportive for the stock in the near term. The options data suggests that the 1,700 strike has the highest put OI, hence that is an immediate support whereas there is no major hurdle until 1,800 has that has the highest call OI. The stock is also trading well above its max pain level of 1,700 which is also a support in the near term
Buy Colgate Palmolive (India) futures in the range of ₹2,220-2,240; Targets of ₹2,320-2,400; stop loss of ₹2,170
The stock has formed a rounding bottom pattern and it has huge short built up as well, so with the stock taking off its multiple swing resistance, the short covering probability is higher. There is a good put OI at 2,200 strike indicating that is a critical support whereas it is also trading above its max pain level of 2,200 which indicates that 2,200 on a closing basis is a very crucial support. The stock has also formed a falling wedge pattern which is also a bullish reversal pattern, so based on these observations, there is a high chance of short covering, hence the trend reversal from down to up is expected in this stock.
Buy Exide Industries futures in the range of ₹332-336; targets of ₹345-352; stop loss of ₹322
Exide has formed a nice symmetrical triangular pattern and there is a heavy short built up in the stock, so there is a high possibility of a short covering once this pattern breaks on the upside. There is a significant put built up at 340 and 330 strikes indicating huge support at the lower levels and above 340 there isn’t any major resistance in the short term.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 24/02/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
