bajaj finance

Indian equity benchmarks traded within a limited range Thursday, as the Nifty 50 index struggled to decisively break above the 26,000 level, encountering profit-taking amid IT sector weakness. The index ultimately closed marginally higher, marking its strongest finish in 23 sessions, according to reports from Raisina Hills.

Rajesh Bhosale of Angel One, speaking to ET Now, noted the recent difficulty in surpassing the 26,000 psychological barrier. “Last few sessions Nifty was struggling around the psychological 26,000 mark and due to weakness in IT space we are seeing some profit booking in this benchmark index,” he said. Despite the short-term consolidation, Bhosale maintained a constructive outlook, citing a strong formation on weekly charts. He suggested dips should be viewed as buying opportunities, pointing to support around the 25,700 level, which coincides with key moving averages.

The Nifty 50, comprised of the top 50 highly liquid blue-chip stocks ranked by market capitalization, includes major companies such as Reliance Industries, HDFC Bank and Infosys, as reported by Angel One. The index’s movement reflects a broader pattern of consolidation, with narrow-bodied candles forming just below the 26,000 mark, indicating a build-up of energy, according to Angel One’s analysis.

Sectoral performance was mixed. While the auto, PSU bank, and pharma sectors provided support, the IT index experienced a significant decline, logging its worst close since October 2025. This divergence capped overall gains and contributed to the cautious sentiment.

Bhosale highlighted opportunities within the financial sector, specifically recommending Bajaj Finance. He noted the stock’s resilience despite market weakness, its position above key moving averages, and a strong long formation on the futures front. “Bajaj Finance can be bought with a stop loss of around 965, in the near term we expect a move towards the levels of 1,025,” he stated.

In the auto sector, Hero MotoCorp also drew a positive assessment from Bhosale, citing improving momentum indicators and a range breakout on intraday charts. He suggested a target of around 5,960 with a stop loss at 5,600.

Sentiment surrounding Hindustan Unilever (HUL) has become more cautious following recent earnings results, with the stock facing downward pressure. Bhosale pointed to a bearish engulfing formation and advised waiting for the stock to cross the 2,500 level before considering a positive momentum trade. He suggested potential support levels between 2,250 and 2,300 if the stock dips.

The Angel One Nifty 50 ETF (AONENIFTY) was trading at ₹10.62 as of 3:31:25 PM GMT+5:30 on February 12, according to Google Finance data. Other Nifty 50 ETFs, including those from Zerodha, Groww, and Bandhan, also experienced modest gains.