Sensex and Nifty 50 ended with minor gains, after opened lower on the last trading day of the week, extending losses from previous session. The 30-share BSE Sensex dropped 123.52 points or 0.52 percent to 60,682.70, while the broader NSE Nifty fell 36.95 points or 0.21 percent to 17,856.50.

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Nifty consolidated in a very tight range, by the end of the week, it was down just 0.3 percent. There is 100-day moving average at which there is a bit of resistance for the Index so this 17,943 level is a bit of a horror for the Index on the upside, and there is no real trigger that can take the market either way at least that is the sense as of now.

Also, the market was ready to punish a lot of weak earnings this week. Tata Steel was down 10 percent this week, Bharti Airtel, and Divi's Laboratories were all the big losers of the week.

The Adani Group stocks were in the news for all the right and wrong reasons. But by the end of the week, there was a bit of a recovery in the stock. So Adani Ports was up 17 percent this week, Adani Enterprises was up 17 percent as well.

Shares of most of the Adani group companies settled lower on Friday, with flagship company Adani Enterprises registering a 4 per cent slump, after index provider MSCI decision to cut the free-float weight of some companies of the conglomerate in their indices.

Shares of eight of the 10 group firms closed in the red, while two companies settled in the green territory on Friday.

SAIL and Nykaa will be in focus in today's session ahead of their December quarter earnings.

The Reserve Bank of India (RBI), in response to an appeal under the Right to Information (RTI) Act, said that the remedial measures meant to contain inflation failed to meet the flexible target last year and it could lead to market disruptions.

What do the charts suggest for Dalal Street?

"Nifty on the daily chart inched higher but failed to show much momentum to surpass 18,000 levels on the closing basis. The index is trading in the range of 50 DEMA and 200 DEMA (Daily Exponential Moving Average)," said Rohan Patil of SAMCO Securities.

"The momentum indicator RSI is in bullish crossover and rising. On the higher end, resistance is visible at 17950-18000; a sustained basis breakout above 18000 may open the gate for 18350-18400. On the other hand, failure to move beyond 18000 may attract selling pressure in the market," said Rupak De of LKP Securities.

"A small range candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a formation of doji type candle pattern. But, having formed this pattern amidst a range movement, the predictive value of this doji could be less," said Nagaraj Shetti of HDFC Securities.

Here are key things to know about the market ahead of the trading session on February 12:

SGX Nifty

Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty 50 index — was last trading 0.2 percent or 31.5 points lower on Monday indicating a muted to negative opening for the Indian market.

Global Markets

Benchmark indices on Wall Street ended Friday's session The Dow Jones ended 0.5 percent higher. The S&P 500 gained 0.2 percent while the Nasdaq reported its first weekly drop in the year, down 0.6 percent.

What to expect on Dalal Street

According to Patil, in the coming week, 17,600 will be the sacrosanct support for Nifty, while 18,000 could be an immediate hurdle. A break above 18,000 levels will infuse buying towards 18,250 levels.

"After a sharp upside bounce of 8th Feb, the market has been consolidating in the last couple of sessions and this could be a part of range movement. The Nifty could eventually breakout of the pattern on the upside in the near term. Immediate support is at 17760 and the next overhead resistance to be watched around 18000 levels," Shetti said.

Kunal Shah of LKP Securities wants the Nifty Bank index to break the current support level of 41,800. "The undertone remains bullish as long as the index holds the support of 41,200 and one should keep a buy-on-dip approach," he said.

FII/DII activity

"FIIs continued to lower investor confidence while significant support from DIIs provided the domestic market with a cushion of comfort," said Vinod Nair of Geojit Financial Services.

First Published:Feb 13, 2023 5:21 AM IST