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F&O Talk | Nifty breaches 20 & 100-DMA amid 11% VIX spike; Sudeep Shah on Coforge, 5 other top weekly movers

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F&O Talk | Nifty breaches 20 & 100-DMA amid 11% VIX spike; Sudeep Shah on Coforge, 5 other top weekly movers
Domestic benchmark indices closed sharply lower on Friday amid broad-based selling, with losses most pronounced in consumer, IT and energy stocks. The Nifty settled at 25,471.10, down 336 points or 1.30%, while the BSE Sensex plunged 1,048.16 points, or 1.25%, to finish at 82,626.76.

After back-to-back correction, the setup for Nifty has turned relatively cautious, with the index slipping below its 20DMA for the first time in the past few sessions. The 50-stock index is now trading below the key support level of 25,500, suggesting a weak near-term bias.

Indian markets will look for fresh triggers with the earnings season ended this week.

With this, analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ETMarkets regarding the outlook for the Nifty and Bank Nifty, as well as an index strategy for the upcoming week. The following are the edited excerpts from his chat:

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Q: Nifty closed 0.8% lower this week largely hit by the debacle in IT stocks. What are the cues for traders and investors for next week’s trade?

Last week, the benchmark index Nifty once again failed to sustain above the psychologically 26,000 mark, triggering a sharp bout of profit booking. After touching a high of 26,009, the index corrected nearly 550 points in just the final two trading sessions of the week — a swift move that signals supply emerging at higher levels. While the fall may appear routine on the surface, the underlying drivers of this correction tell a far more compelling story.
The major drag during this phase came from the Nifty IT index, which plunged over 8% during the last week and is now down over 14% month-to-date, marking one of its sharpest recent declines. The sell-off was largely triggered by rising concerns over the rapid expansion of AI-driven start-ups, which are increasingly seen as disruptive to traditional IT service companies. The speed and intensity of the decline suggest that this may not be a simple pullback on the downside and that raises an important question about whether the worst is already priced in.
From a technical perspective, the IT pack continues to flash strong warning signals. All the constituents of the Nifty IT index are trading below their key moving averages, firmly placed in a falling trajectory. Momentum indicators remain entrenched in bearish territory, with no visible signs of reversal. In such a setup, attempting bottom fishing could prove premature — unless the charts begin to tell a different story in the coming sessions.
Coming back to Nifty, it has now slipped below its 20-day, 50-day and 100-day EMAs, indicating a clear deterioration in short and medium-term trend strength. More importantly, both the 20-day and 50-day EMAs have started to slope downward — a subtle yet powerful bearish signal. Adding to the caution, the daily RSI failed to reclaim the 60 mark during the recent pullback and has now slipped below its 9-day average, hinting that upside momentum may remain capped — at least for now.

Going ahead, the 25,350–25,300 zone is likely to act as immediate support for the index. A sustained move below 25,300 could accelerate the correction towards 25100, followed by the crucial 24,900 mark. On the upside, the 50-day EMA zone of 25,650–25,700 level stands as a formidable hurdle.

Q: What are important Nifty and Bank Nifty levels for next week’s trade?

Going ahead, for Nifty, the 25,350–25,300 zone is likely to act as immediate support for the index. A sustained move below 25,300 could accelerate the correction towards 25,100, followed by the crucial 24900 mark. On the upside, the 50-day EMA zone of 25,650–25,700 level stands as a formidable hurdle.

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For Bank Nifty, the 20 day EMA zone of 60000–59900 will serve as the immediate support area. A sustained move below 59900 may trigger further downside towards the 50 day EMA, currently placed at 59467. On the upside, the 60600–60700 band is expected to act as a crucial hurdle, and only a decisive close above this range may pave the way for a fresh up-move.

Q: The view on IT stocks is mostly bearish though some analysts are taking a contra view on the sector, arguing in favour of long term promise and favourable-risk reward after the extended correction. Data suggests not a single stock has given positive returns over a two-year period. In light of this, what will be your advice to investors?

Nifty IT witnessed a sharp sell-off last week, tumbling more than 8%, and is now down over 14% month to date, marking one of its steepest recent declines. The index has also slipped below its key support zones, signalling a clear deterioration in trend strength. With moving averages turning lower and momentum indicators firmly in bearish territory, the overall structure suggests that selling pressure may persist in the near term.

All the constituents of the Nifty IT index are trading below their key moving averages, firmly placed in a falling trajectory. Momentum indicators remain entrenched in bearish territory, with no visible signs of reversal. In such a setup, attempting bottom fishing could prove premature — unless the charts begin to tell a different story in the coming sessions.

Q: PSU Bank stocks appear to be a much more safe option as there is no direct link of the trade deal with the sector. What is your assessment and do you have stock recommendations?

The PSU Bank index cracked nearly 6% on the budget day and slipped below its 50-day EMA, but the subsequent recovery has been very strong, with the index rebounding sharply and marking a fresh all-time high near 9295 on 12th Feb. Over the last one year, it has been the best performing index with gains of nearly 53%, which clearly highlights sustained sector leadership.

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Technically, the index continues to trade above key short- and long-term moving averages, keeping the broader trend bullish. The PSU Bank / Nifty ratio chart has also hit a new high and remains in a rising trajectory, indicating continued relative outperformance versus the broader market. The 8970–8950 zone remains a crucial support zone. As long as the index holds above this area, the bullish trend structure is likely to remain intact.

At the stock level, Indian Bank and Union Bank of India are both consolidating in a defined range since mid-January after a strong prior upward move, suggesting a healthy pause. This kind of time correction typically sets up the next leg of the trend. A strong follow-through move and a decisive breakout above their respective consolidation ranges can lead to continuation of the upmove in both stocks.

Q: India VIX was up 11% this week which brings opportunity for day traders in cash and derivatives market. How can traders utilize this?

Since hitting 16.11 on the budget day, India VIX cooled nearly 35% over the next 10 sessions in line with the usual post-budget volatility drop, but historically volatility tends to rise again in the following weeks — in the last 15 budgets, VIX closed negative immediately after the event in 11 cases (avg −8.82%), yet turned positive in 8 of the following one-month periods with an average rise of 17%, and the current pattern looks similar.

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For traders, a rising VIX environment means bigger intraday ranges and faster price swings, so cash market day traders can focus on high-beta leaders and breakout/breakdown setups with smaller position sizing and quicker profit booking, while derivatives traders should avoid large naked positions due to higher premium risk and instead prefer defined-risk structures like debit spreads (bull call or bear put spreads) and hedged directional trades, which allow participation in movement while controlling downside if volatility expands further.

Q: Which sectors or themes will be in your radar next week?

Nifty Consumer Durables, Nifty Auto, Nifty Infrastructure, Nifty Manufacturing and Nifty Financial Services will be on the radar next week as they are currently the strongest pockets on the charts and are positioned in the leading quadrant of the Relative Rotation Graph (RRG), indicating superior relative strength along with momentum.

Consumer Durables has staged a sharp pullback from the 33383 lows showing strong demand at lower levels, while Auto and Manufacturing have rebounded decisively from their 200-day EMA and moved up swiftly, signaling trend support and continuation potential. Infrastructure is showing clear relative outperformance with the Infra/Nifty ratio chart giving a downward sloping trendline breakout followed by solid follow-through and Financial Services continues to outperform with its ratio line versus Nifty trending higher, together suggesting leadership is likely to remain with these themes if the broader market remains stable.

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Q: SCI, Kirloskar Oil and Engineers India were big gainers this week while Firstsource, eClerx and Coforge, top losers. What should investors do with them?

Post results, Shipping Corporation of India saw a sharp gap-up and strong follow-through but is currently hovering near the earlier swing high zone of 280–282, which is acting as a supply area — price behaviour around this band will be important to judge whether momentum expands or the stock spends more time consolidating.

Kirloskar Oil Engines continues to show a higher-high higher-low structure and trades above key moving averages after a strong rebound since late January, suggesting trend strength remains visible as long as it holds above its nearby support band of 1330–1320.

On the weaker side, Firstsource Solutions has corrected sharply and slipped below the 275–270 support zone, which may now behave as an overhead resistance area, so price acceptance back above or rejection near this band becomes the key monitorable.

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eClerx Services has broken an upward sloping trendline and its 200-day EMA, indicating loss of medium-term structure, with 3950 acting as an important reference level for trend assessment.

Coforge has also seen a double-digit weekly correction amid broader IT sector pressure linked to AI disruption headlines, so from a tactical standpoint the space may be better approached after signs of stabilization and base formation rather than during active weakness.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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People on the move: North East appointments and promotions

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Companies and organisations featuring in this week’s round-up include: Northumbrian Water, Bellway, James Burrell and Business Enterprise Fund

Jodie Stewart started as a digital technology solutions professional apprentice.

Jodie Stewart has been promoted to business analyst. (Image: Northumbrian Water)

Northumbrian Water has promoted University of Sunderland apprentice Jodie Stewart to the role of business analyst.

The move comes in the second year of Ms Stewart’s studies following her start as digital technology solutions apprentice. She joined the degree apprenticeship programme which offers six pathways including software engineering, IT consulting, business analysis, cybersecurity, data analysis and network engineering.

Ms Stewart said: “I had already attended a year of university to become a primary school teacher, and I decided that that wasn’t the right career for me. It was when I was working in a co-working space for tech companies and start-ups, I found what they were doing really interesting. So when I found this apprenticeship, I thought it was absolutely perfect because you get to see so many different teams and departments that cover so many aspects of digital solutions.”

Louise Patterson, head of IS operations and resource management at Northumbrian Water, said: “Jodie truly reflects what our apprenticeship scheme is all about, her drive, curiosity and willingness to immerse herself across different digital teams, which has not only accelerated her own development but also made a real impact here at Northumbrian Water. We’re incredibly proud of her progression and the positive impact she’s had across the region and excited to see where her talent and determination will take her next.”

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Lizzie Jowett joins BEF NE from Bradford BID.

Lizzie Jowett and Lee Vickers of Business Enterprise Fund North East.(Image: Business Enterprise Fund)

Not for profit finance provider Business Enterprise Fund (BEF) North East has appointed Lizzie Jowett to its Sunderland-based team.

Ms Jowett’s more than 13 year career has covered stints at Santander, Metro Bank and as director of Bradford BID. She is said to bring a deep commercial expertise and enthusiasm to the role, along with a talent for helping female-led organisations to thrive.

She said: “Joining BEF’s North East office is an exciting journey for me. This is one of the most dynamic regions in the UK to do business. People in a huge mix of sectors are being constantly inspired to do great things. It feels amazing to be the one who gets to help them along the road to success.”

Lee Vickers, BEF’s head of North East investments said: “We’re more than delighted to have Lizzie join us. Growing a team is always a positive sign, but being able to grow it with your ideal choice of candidates is particularly rewarding. We’re humbled that the very best talent wants to come and work with us. Lizzie’s track record places her firmly within that bracket. North East businesses have gained a fantastic advocate.”

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Bellway's Ciaran Wilson.

Ciaran Wilson, apprentice at Bellway.(Image: Neil Phillips Photo and Film Ltd)

Housebuilder Bellway says it has helped a 23 year-old apprentice quantity surveyor to get his career on the right track.

The Newcastle firm employed Ciaran Wilson from Swindon after he decided a law degree was not for him. He says his degree apprenticeship is the path he would have taken after leaving school had he known it was an option and believe the route should be more widely recognised.

The end result is a degree of the same value as one achieved on a full-time course. Mr Wilson’s degree apprenticeship with Bellway and Northumbria University will finish it in the summer of 2029.

He said: “I didn’t know about apprenticeships before but if I had been shown a degree apprenticeship before I’d have taken it. He added: “I can learn something in a lecture and then see it in reality. I can come to work and say I understand it. It means you get more overall knowledge. My uni work increases my understanding in my job, and my job informs what to write in my uni work. My essays are much stronger, and I feel better about them and have a greater understanding.”

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James Burrell has made a board level appointment.

From left: Mark Richardson, Rob Richardson and Nick Richardson.(Image: James Burrell Builders Merchants.)

James Burrell Builders Merchants has appointed Nick Richardson to its board of directors, joining fellow directors Mark Richardson and Rob Richardson.

Mr Richardson joined James Burrell in 2017, beginning his career within the accounts team, where he spent several years developing a detailed understanding of the company’s financial operations. He later broadened his experience within the purchasing team, gaining valuable insight into supplier relationships and stock management.

He has led the integration of a company-wide computer system, a transformational investment that has overhauled internal processes, improved efficiency, and laid strong foundations for future growth.

Mark Richardson said: “As a family-run business, we take great pride in our heritage and the values that have guided us for generations. We also remain committed to innovation and to meeting the evolving needs of the construction industry. Nick’s appointment is the natural next step on his journey, and we are confident that his expertise and leadership will be instrumental in shaping the future of the company.”

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Daniel is an avid and active professional investor.
He runs Crude Value Insights, a value-oriented newsletter aimed at analyzing the cash flows and assessing the value of companies in the oil and gas space. His primary focus is on finding businesses that are trading at a significant discount to their intrinsic value by employing a combination of Benjamin Graham’s investment philosophy and a contrarian approach to the market and the securities therein. Learn more.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Team Giannis Edges Team Anthony in Thrilling LA Showdown

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The NBA All-Star Game will be played March 7 in Atlanta, the league announced Thursday

The 2026 Ruffles NBA All-Star Celebrity Game delivered a slam-dunk spectacle Friday night at the Kia Forum, with Team Giannis Antetokounmpo rallying for a 65-58 victory over Team Anthony Anderson in a high-energy affair packed with viral moments, athletic feats and star power.

The NBA All-Star Game will be played March 7 in Atlanta, the league announced Thursday
The NBA All-Star Game
NBAE / Getty Images / Garrett Ellwood

Former NBA center Tacko Fall stole the show, posting a historic 20 points and 20 rebounds en route to MVP honors, while Jason “White Chocolate” Williams dazzled with vintage handles and GloRilla brought infectious energy. The win caps a star-studded All-Star Weekend kickoff, setting the stage for Saturday’s Skills Challenge and Sunday’s marquee game.

Epic comeback: Team Giannis overcomes halftime deficit

Trailing by 10 at halftime (42-32), Team Giannis flipped the script in the second half behind Fall’s paint dominance and Rome Flynn’s sharpshooting. A 20-5 third-quarter run tied it at 55, and clutch plays sealed the seven-point triumph.

Quarter scores:

Quarter Team Giannis Team Anthony
1st 14 16
2nd 18 26
3rd 19 7
4th 14 9
Final 65 58 ​

Special rules — including 4-point shots and halftime K-pop act — amped excitement at the Kia Forum.

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Tacko Fall’s 20-20 monster game cements MVP legacy

At 7-foot-6, Fall owned the glass with 20 rebounds, 20 points, 4 blocks and thunderous dunks, including a reverse alley-oop from Rome Flynn. “Tacko Time” chants echoed as he swatted shots and posterized defenders, earning unanimous MVP nods.​

Fall: “This crowd energy is unreal. Playing with these stars — dream come true.” His stat line echoes Wilt Chamberlain lore, fitting All-Star flair.​

Standout performers light up Kia Forum

Team Giannis (65):

  • Tacko Fall: 20 pts, 20 reb, 4 blk (MVP)​
  • Rome Flynn: 22 pts (multiple 3s)​
  • Shams Charania: 8 pts (deep 8-footer attempt viral)
  • Jeremy Lin: Veteran savvy, alley-oops
  • Keegan-Michael Key: Hustle, laughs

Team Anthony (58):

  • Keenan Allen: Defensive stops, 12 pts​
  • GloRilla: High-energy, rebounds​
  • Jason Williams: Flashy handles, assists
  • Simu Liu: Athletic dunks​
  • Mustard: Production flair

Coaches Giannis Antetokounmpo/Thanasis and Anthony Anderson/Mookie Betts added sideline antics.

Viral moments steal the show

  • Fall’s reverse alley-oop: Flynn-to-Fall poster electrified crowd.​
  • Shams’ deep bomb: ESPN insider’s 8-footer attempt meme gold.
  • Williams’ no-look passes: White Chocolate vintage delights.
  • GloRilla hustle: Rapper’s rebounds, energy ignite fans.​
  • Halftime K-pop: First-ever act hyped intermission.

7 p.m. ET tipoff streamed on ESPN, Disney+ (Philippines).

Rosters packed with NBA stars, celebs, influencers

Team Giannis:

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  • Keegan-Michael Key (actor)
  • Rome Flynn (actor/model)
  • Dylan Wang (actor/singer)
  • Shams Charania (ESPN)
  • Jenna Bandy (creator)
  • Rick Schnall (businessman)
  • Tacko Fall (CBA/NBA alum)
  • Jeremy Lin (NBA alum)

Team Anthony:

  • Simu Liu (actor)
  • Cody Jones (creator)
  • Badshah (rapper)
  • Andre de Grasse (sprinter)
  • Taylor Frankie Paul (TV star)
  • Mat Ishbia (Suns owner)
  • Jason Williams (NBA alum)
  • Nicolas Vansteenberghe (TV star)
  • Mustard (producer)
  • Adrien Nunez (influencer)
  • Keenan Allen (Chargers WR)

Coaches: Giannis/Thanasis Antetokounmpo vs. Anthony Anderson/Mookie Betts.

All-Star Weekend schedule heats up

Saturday, Feb. 14:

  • 4 p.m. ET: Adam Silver presser
  • Skills, 3-Point, Dunk contests

Sunday, Feb. 15:

  • Rising Stars, All-Star Game at Intuit Dome

Celebrity game sets festive tone for LA weekend.

Fan reactions: Tacko MVP, viral dunks dominate

Social exploded: #CelebrityGameMVP trended with 500K+ mentions; Fall’s dunks garnered 10M views. “Tacko owns LA!” trended; Williams’ handles nostalgic hit.

Game’s competitive edge — Fall’s blocks, Flynn’s 3s — elevated beyond exhibitions.​

Legacy: Tacko cements icon status

Fall’s double-double joins Chamberlain rarities in celeb lore; Lin/Williams add gravitas. Game’s new format, halftime K-pop innovates tradition.

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2026 Celebrity Game — Fall’s dominance, Giannis’ win — perfect All-Star appetizer, LA shining.

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