📈 Market Outlook – 23 February 2026

🌎 Global Cues & Trade Developments Global markets are reacting to fresh developments around U.S. tariff policy after the U.S. Supreme Court struck down earlier sweeping import duties. In response, President Donald Trump announced a revised uniform tariff structure. India will face a 10% tariff, reduced from the earlier proposed 18%. Several other countries may face up to 15% tariff for 150 days starting February 26. The revised tariff structure becomes effective February 24. This provides a relative competitive advantage to Indian exporters. Meanwhile: US equity indices closed nearly 1% higher on Friday. Asian markets are mixed but broadly stable. US Q4 GDP growth came at 1.4% (below expectations). PCE inflation rose 0.4% (slightly above estimates). 🇮🇳 Indian Market Outlook Indian markets are expected to open gap-up, supported by: Strong February PMI data (Manufacturing PMI at 57.5) Positive global cues Reduced tariff burden on Indian exports Continued DII buying support Expected near-term range for Nifty: 25,400 – 26,000 📊 Index Technical Levels 🔹 Nifty 50 Support: 25,500 / 25,400 Resistance: 25,700 / 25,850 Broader range: 25,100 – 26,100 PCR improved to 0.98 (sentiment turning constructive) 🔹 Bank Nifty Support: 61,000 / 60,750 Resistance: 61,500 / 61,765 Trading range: 60,750 – 61,765 🏭 Sector-Wise Focus Today 🧵 1. Textiles & Apparel Benefiting from reduced US tariff (10%). Export-driven companies may see buying interest. 💎 2. Gems & Jewellery Lower tariff improves competitiveness in US market. 🚗 3. Auto Ancillary Export-oriented auto component makers could outperform. 🛡 4. Defence Rising US–Iran tensions may support defence stocks. 🏦 5. PSU Banks Strong quarterly results Attractive valuations Consistent DII buying ⚙ 6. Capital Goods Strong PMI, healthy order inflows and solid technical setup. 🪨 7. Metals & Critical Minerals India joining US-led strategic alliances for critical minerals may support select mining companies. 🌍 Global Markets Snapshot Dow Jones: +230 pts Nasdaq: +0.7% Dollar Index: 97.4 Gold: $5159/oz (strong safe-haven demand) Brent Crude: $71/barrel US 10Y Bond Yield: 4.09% 💰 Institutional Activity FIIs: Net sellers (~₹934 crore) DIIs: Net buyers (~₹2,637 crore) FIIs Index Long-Short Ratio: 25.27% DII participation continues to provide stability. ⚠ Key Corporate Watch A private sector bank reported ₹590 crore fraud exposure at a branch – stock may remain under pressure. Several companies announced expansion, new orders, strategic partnerships and capacity additions — positive for sentiment in capital goods, renewable energy and infrastructure space. 📌 Derivative Insights Maximum Call OI: 26,000 Maximum Put OI: 25,500 Call writing: 25,650 / 25,900 Put writing: 25,500 / 25,600 Indicates consolidation with positive bias above 25,500. 🧠 Strategy for Traders ✔ Buy on dips near strong support zones ✔ Focus on export-driven sectors ✔ PSU Banks & Capital Goods look structurally strong ✔ Avoid stocks with governance concerns ✔ Maintain disciplined stop-loss 📢 Disclaimer This blog is for educational and informational purposes only. We are not SEBI registered investment advisors. Investments in securities markets are subject to market risks. Please conduct your own research or consult a qualified financial advisor before making any investment decisions.