The PSU Bank index outperformed, rallying 1.35 percent
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 23 February 2026: Today, the benchmark indices continued their positive momentum, with the Nifty ending 141 points higher while the Sensex was up by 478 points. Among sectors, the PSU Bank index outperformed, rallying 1.35 percent, whereas the IT index lost the most, shedding over 1.5 percent. Technically, after a strong open, the market witnessed range-bound activity throughout the day. On the lower side, it took support near the 20-day SMA (Simple Moving Average) or 25,600/83000, while 25,800/83600 remains the crucial resistance zone for short-term traders.
We believe that the 20-day SMA or 25,600/83000 will act as an immediate reference point for day traders. As long as the market is trading above this level, the bullish momentum is likely to continue. On the higher side, 25,800/83600 would be the key resistance area for the bulls. A successful breakout of 25,800/83600 could push the market up to 25,950–26,000/84000-84200.
On the flip side, below 25,600/83000, sentiment could change. If the market falls below this level, it is likely to retest the levels of 25,500–25,450/82700-82500.
