This is how analysts read the market pulse:
Rupak De, Senior Technical Analyst at LKP Securities said the index encountered resistance at 26,000, resulting in a correction from the day’s high. According to him, the short-term trend remains positive as it remains above the immediate support at 25,800.
“A decisive move above 26,000 could trigger further upside towards higher levels. The technical situation remains bullish, with the RSI in a bullish crossover and the index trading above the 20DMA, supporting a positive bias,” De said.
American markets
U.S. stocks flirted with a record on Wednesday after an encouraging report that said the country’s unemployment rate unexpectedly improved last month.
Treasury yields also rose in the bond market immediately after the Labor Department said U.S. employers added 130,000 jobs to their payrolls last month, more than the 75,000 economists had expected. That helped ease concerns that had grown a day earlier, when a dispiriting report suggested that U.S. household spending, the main engine of the economy, could come to a standstill.
To be fair, everything is still not entirely clear for the US economy. Wednesday’s report included major revisions, saying employers added only 181,000 jobs last year, less than a third of the previously reported 584,000. That is the weakest performance in a year since 2020, when COVID-19 shut down the economy.
European markets
Most major European indices were trading lower around 12:28 GMT (6:24 PM Indian time), while Germany’s DAX, Spain’s IBEX and France’s CAC 40 were down 0.42%. Meanwhile, the Stoxx 600 was trading flat around this time. However, the British FTSE 100 rose 0.8%.
Technical view
Dhupesh Dhameja, Derivatives Research Analyst at SAMCO Securities, sees the formation of a solid base within the 25,700–25,600 range, which aligns with and strengthens the 50DMA as a crucial defensive zone for buyers. “Currently, the index is hovering around the psychologically significant 26,000 level, and appears poised for a potential breakout. A sustained move above this threshold could confirm follow-on buying and unlock new upside momentum,” he said.
“Importantly, the 25,600–25,700 region – once a notable supply zone – has now evolved into a critical demand cluster. This area also coincides with the 0.618 Fibonacci retracement level and key moving averages, creating a strong confluence zone and a significant inflection point for the index,” Dhameja said, suggesting a buy-on-dips strategy.
Most active stocks in terms of turnover
ICICI Bank (Rs 494 crore), Larsen & Toubro (L&T, Rs 343 crore), Ather Energy (Rs 297 crore), SBI (Rs 271 crore), Persistent Systems (Rs 230 crore), Tata Steel (Rs 189 crore) and PCBL (Rs 145 crore), were among the most active stocks on BSE in value terms. Higher activity in a counter in terms of value can help identify the counters with the highest trading turnover per day.
Most active stocks by volume
Vodafone Idea (shares traded: Rs 6.70 crore), SpiceJet (shares traded: Rs 1.27 crore), Tata Steel (shares traded: Rs 90.70 lakh), Billionbrains Garage Ventures (Groww, shares traded: Rs 77.62 lakh), Suzlon Energy (shares traded: Rs 74.65 lakh), Samvardhan Motherson (shares traded: Rs 74.65 lakh) 44.23 lakh) and NMDC (shares traded: 41.98 lakh) were among the most actively traded stocks on BSE by volume.
Stocks that show buying interest
SBI, Eicher Motors, Apollo Hospitals, SJVN, Laxmi Cotspin, Airan, Brightcom Group and JK Paper were among the stocks that witnessed strong buying interest from market participants.
52 Week High
Today, 131 stocks hit their 52-week highs, while 75 stocks fell to their 52-week lows. Amagi Media Labs, APL Apollo, Ashok Leyland, Bajaj Auto, Bajaj Consumer, Eicher Motors and Force Motors were among those that hit 52-week highs.
Stocks see selling pressure
Among the large cap names were Infosys, HDFC Bank and TCS. Other stocks that witnessed significant selling pressure were BHEL, Pearl Global, Synergy Green Industries, Sterlite Technologies, Laxmi Dental, Ecos (India) Mobility & Hospitality and Bartronics India.
Sentiment meter favors bears
Actions in heavyweights like Infosys, HDFC Bank and TCS dragged the markets the most. In broader markets, breadth remained negative. Of the 4,383 stocks traded on the BSE on Wednesday, February 11, 1,913 stocks witnessed gains, 2,316 declined while 154 stocks remained unchanged.
(Disclaimer: Recommendations, suggestions, views and opinions expressed by the experts are their own. These do not represent the views of Economic Times)
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