Stock market recommendations: KEI Industries, and Punjab National Bank (PNB) are the stocks recommended by Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities for the week starting February 23, 2026. Here’s his detailed analysis and outlook for Nifty and Bank Nifty:Nifty View:Last week, the benchmark Nifty index moved within a narrow 512point band — its tightest weekly range in the past four weeks — leading to the formation of an NR4 pattern. Despite this compressed structure, volatility stayed elevated. The index began the week with a steady pullback over the first three sessions, only to witness a sharp reversal on Thursday that completely wiped-out earlier gains. By Friday, Nifty once again found buying support near the lower boundary of the weekly range and managed to rebound. Such sharp intraday swings within a tight range indicate that a deeper structural shift may be developing beneath the surface.Since 4th February, the index has been consolidating between 26009 and 25373. Even within this defined range, volatility has remained high. This extended phase of sideways movement has caused all major moving averages to flatten, signalling a lack of directional conviction. Momentum indicators echo the same tone — the daily RSI has oscillated within a narrow band for 13 straight sessions, reflecting compression in price action. Historically, such prolonged congestion often precedes a strong, decisive breakout or breakdown.Going ahead, we expect the index to remain in a sideways trajectory in the near term, with stock-specific action likely to stay vibrant. However, following the Supreme Court’s ruling against the Trumpera tariffs, the market may open with a notable gap-up of nearly 350–400 points, buoyed by positive global sentiment.In terms of crucial levels, the 25400–25350 zone will continue to act as an important support area, as multiple prior swing lows converge in this region. A sustained breakdown below 25350 could pave the way for a sharper decline towards the 25000 mark. On the upside, the 25950–26000 band is expected to serve as a key resistance zone for the index. The index’s behaviour around these pivotal levels will play a decisive role in shaping the next meaningful directional move.Bank Nifty ViewThe banking benchmark index, Bank Nifty, continues to showcase remarkable strength, clearly outperforming the frontline indices. While the broader Nifty is still trading nearly 3% below its alltime high, Bank Nifty is positioned near record levels, underscoring the sector’s dominant momentum. This leadership is further reaffirmed by the Bank Nifty–Nifty ratio chart, which has climbed to a 33month high — a strong indication that the banking space is currently steering the broader market.With the index perched around lifetime highs, all key moving average structures are firmly aligned in favour of the bulls. The daily RSI remains steady near 60, signalling healthy momentum, while the weekly RSI has pushed deeper into bullish territory, highlighting the strength and sustainability of the prevailing uptrend.Given this robust technical setup and strong momentum alignment, Bank Nifty appears well positioned to continue its upward march in the near term. On the downside, the 20day EMA zone at 60500–60400 will act as a critical support area. On the upside, resistance is placed at 61600–61700, and a decisive breakout above 61700 could propel the index into a fresh leg of rally, potentially paving the way for new all time highs and further bullish extension.
Stock recommendations:
KEI IndustriesKEI has witnessed a consolidation followed by a bullish range breakout, forming a strong bullish candle on the daily chart and surging nearly 4% in today’s session, supported by a spike in volumes, indicating strong buying interest. On the weekly basis, the stock has marked a four-week bullish streak, reflecting a strong underlying trend structure. On the indicators front, RSI has surged above 60, with MACD in positive territory, and the stock trading above its key EMAs, indicating strength in the ongoing trend. Overall setup suggests a positive structure. Hence, we recommend to accumulate the stock in the zone of 4740–4780 with a stoploss of 4620. On the upside, it is likely to test the level of 5090 in the short term.Punjab National BankThe PSU Bank index has strongly outperformed frontline indices as it has surged by over 5% in the last week. The ratio chart of the index as compared to Nifty index is at a 98-month high, which shows strong and sustained uptrend. The stock of PNB has gained nearly 10% in the last five trading sessions, indicating strong buying participation.The stock has given an inside candle breakout, surging nearly 2.80%, and forming a strong bullish candle on the daily scale, reflecting a strengthening chart structure and fresh momentum in the uptrend. The stock is trading above all key short-term EMAs, with RSI sustaining above 60, along with a positive MACD crossover, indicating strength in the ongoing trend. Overall setup suggests a positive structure. Hence, we recommend to accumulate the stock in the zone of 130–128 with a stoploss of 124. On the upside, it is likely to test the level of 145 in the short term.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
