Despite the weak market sentiment, the Metal index outperformed and rallied over 1 percent
Shrikant Chouhan,
Head Equity Research,
Kotak Securities
Mumbai, 24 February 2026: Today, the benchmark indices corrected sharply, with the Nifty ending 288 points lower and the Sensex down by 1,069 points. Among sectors, the IT index lost the most, shedding over 4.45 percent, whereas despite the weak market sentiment, the Metal index outperformed and rallied over 1 percent.
Technically, after a gap-down open, the market has been facing consistent selling pressure at higher levels. A long bearish candle on the daily charts and a lower top formation in intraday charts indicate further weakness from the current levels.
We are of the view that the intraday market texture is weak, but a fresh selloff is possible only after the market breaches the 200-day Simple Moving Average (SMA) or 25,350/82000. If the market manages to trade above this level, it could bounce back to 25,500-25,620/82500-82800. Conversely, if it falls below 25,350/82000, it could slip to 25,250-25,200/81700-81500.
The current market texture is volatile; hence, level-based trading would be the ideal strategy for day traders.
