Stock Market Today: Tech Meltdown amid Rising Wave for Nifty

Spread love

Amid tech meltdown, major buying into textile and power stocks is seen in the stock market

By S JHA

Mumbai, February 5, 2026 — A tech meltdown is underway in global stock markets. NASDAQ tumbled over one percent last night. On the other hand, Dow Jones gained.

The Indian markets also revealed the mark of US tech upheavals. The AI-led disruption in the software as services wrecked the stocks of Indian companies. Infosys tumbled seven percent—a rarity on the street.

Indications suggest that the Indian IT stocks may come under fresh stress. The unravelling of the AI-led disruptions in IT ecosystem is not yet fully revealed per analysts.

But the markets overall are in comfort zones. Supports are holding firm for Nifty. Massive buying into textile and power sector stocks reveal risk-on. Yet Sensex expiry on Thursday will be a key factor for traders to watch out.

On Nifty chart, cues seem positive as support is firmly placed at 25550. The upside is capped at 26,000, and then 26, 300.

“Technically, yesterday’s rebound was seen precisely from the key 89EMA support near 25550, which is expected to act as immediate support,” said Angel One in a post-market note shared with clients. The brokerage firm stated that “a stronger support zone is around 25250, which coincides with the 61.8% retracement of the sharp rally from the Budget-day low, the bullish gap area, and the 200DSMA.”

“As long as these supports hold, the positive bias remains intact. On the upside, the 26000 mark is seen as an immediate resistance, followed by a major hurdle around 26300,” added Angel One.

(Disclaimer: This article makes no recommendation for any kind of trades in the stock market.)