Bajaj Broking Closing Market Commentary for 06th February 2026

Benchmark indices traded with high volatility on Friday's session as RBI in its monetary policy outcome kept the policy rate unchanged in line with expectations. The central bank, at its sixth and final bi-monthly monetary policy review for the current financial year, decided to retain the repo rate at 5.25 percent and maintained a neutral stance. Meanwhile, investor focus continues US-Iran developments and ongoing news flows in AI and technology development.

Markets closed on a positive note as market witnessed a strong rebound in the second half of the session, with the Sensex gaining 266.47 points (0.32%) to settle at 83,580.40, while the Nifty rose by 50.90 points (0.20%) to end at 25,693.70. On the sectoral front, Nifty FMCG, Consumer Durables, and Realty emerged as key gainers, providing support to the indices. In contrast, Nifty IT and Pharma remained under pressure, while other sectors exhibited a mixed trend. The broader market witnessed mild selling pressure, with the Nifty Midcap index slipping marginally by 0.02% and the Small cap index declining by 0.27%, indicating selective participation from investors.

Nifty Outlook

The index formed a bullish candle in the daily chart with a long lower shadow signaling buying demand at lower levels around the 20 days EMA. We believe dips should be used as a buying opportunity with immediate support placed at 25400-25500 levels being the confluence of the current week breakout area and 20 days EMA. Holding above the support area will keep the overall bias positive and will open upside towards 25,850 and 26,100 levels in the coming weeks. Key short-term support is placed around the 25,000-25,200 marks being the confluence of the 200 days EMA and 80% retracement of the current up move. Volatility is likely to remain elevated amid uncertain global cues.

Bank Nifty Outlook

Bank Nifty formed a bullish hammer like candle with a small real body and long lower shadow signaling buying demand at lower levels around the 20 days EMA. Index has immediate support at 59500-59200 levels being the confluence of the 20- and 50-days EMA. Index holding above the support area will keep the bias positive and will open upside towards 60,700 and 61,200 levels in the coming weeks. Volatility is likely to remain elevated amid uncertain global cues. Key short-term support is placed in the 58,500-58,000 zone being the confluence of the 100 days EMA and the bullish gap area of Tuesday.

Source : Equity Bulls

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