Trade Setup Feb 12: Nifty breakout may trigger fresh record highs
Nifty ends at 25,953 near 26,000 resistance. Breakout may trigger rally to record highs. Investors eye US jobs data, India CPI, and key global cues.
Trade Setup Feb 12: Nifty breakout may trigger fresh record highs
The Nifty closed marginally higher at 25,953, marking its fourth straight gain, but remains below the crucial 26,000 resistance. Analysts say a decisive breakout could open the door to fresh record highs, while global and domestic macro data remain key triggers.
The Nifty 50 extended its winning streak to a fourth consecutive session on Wednesday, edging up 18 points to close at 25,953. Despite the positive finish, trading was volatile and range-bound, with the index moving within a 110-point band before settling just above the 25,950 mark.
Market participants are now focused on upcoming global and domestic macroeconomic data, including US non-farm payrolls and unemployment figures, followed by India’s CPI inflation and US jobless claims.
Market Performance
After a firm opening, the benchmark oscillated between gains and losses through the session before ending slightly higher.
Top Nifty gainers included Eicher Motors, Apollo Hospitals, and Max Healthcare, while TCS, Infosys, and Coal India were among the key laggards.
Sector-wise, most indices ended in the green, led by Healthcare, Auto, PSU Banks, and Pharma, while IT and private banks closed lower.
Broader markets were largely flat, with the Nifty Midcap 100 and Smallcap 100 indices inching up 0.03% and 0.02%, respectively.
In the currency market, the rupee weakened by 12 paise to settle at 90.70 per dollar, pressured by higher crude oil and precious metal prices that boosted importer dollar demand.
Analyst Views
Siddhartha Khemka of Motilal Oswal expects a gradual market uptick with stock-specific action intensifying as the Q3 earnings season nears its end.
On the technical front, analysts widely identify 26,000 as a critical resistance level:
Nagaraj Shetti (HDFC Securities): A sustained move above 26,000 could push Nifty to 26,350–26,400, with support at 25,800.
Sudeep Shah (SBI Securities): Resistance seen at 26,000–26,050; breakout may extend gains toward 26,200 and 26,400. Strong support lies in the 25,850–25,800 band.
Rupak De (LKP Securities): Short-term trend remains positive as long as the index holds above 25,800.
Nandish Shah (HDFC Securities): A move beyond 26,000 could lead to a fresh all-time high above 26,373, with support at 25,700–25,780.
