CapitalKeeper Sunday Digest 1–6 Feb 2026: Nifty at Record Zone, Bank Nifty Strength, INR & Commodities Outlook with RSI–MACD Signals
Updated: 08 February 2026
Category: Sunday Digest | Market Analysis
By CapitalKeeper Research Desk
Indian stock market weekly digest for 1st–6th February 2026. Detailed analysis of Nifty, Bank Nifty, INR, commodities, Q3 earnings impact, and next week’s forecast using RSI, MACD, and volume insights.
CapitalKeeper Sunday Digest
Indian Stock Market Weekly Wrap-Up (1st February – 6th February 2026)
The first week of February 2026 brought a strong mix of momentum, consolidation, earnings-driven volatility, and global macro influence. Markets showed resilience despite intermittent profit booking, while banking stocks and selective large caps held the broader structure intact. Midcaps and small caps witnessed rotational buying, indicating continued retail participation and sector-specific confidence.
This week remained crucial due to heavy Q3 earnings announcements, currency fluctuations, and commodity price stability. Institutional flows and technical structure both indicate that the market is entering a decisive phase where trend continuation or consolidation will be determined in the coming sessions.
Weekly Market Snapshot
| Index | Weekly Trend | Observation |
|---|---|---|
| Nifty 50 | Positive Bias | Holding near breakout zone |
| Bank Nifty | Strong | Leadership from PSU banks |
| INR | Slightly Weak | Dollar strength pressure |
| Gold | Stable | Safe-haven buying |
| Crude Oil | Range-bound | Inflation watch continues |
Nifty & Bank Nifty Weekly Movement
The benchmark indices continued to trade near their all-time high zones, reflecting strong institutional confidence. Despite occasional profit booking, dips were bought aggressively.
Nifty started the week on a firm note and maintained an upward bias. Momentum remained intact as IT, banking, and metal stocks supported the trend. However, price action showed some hesitation near resistance zones, indicating a potential consolidation phase before the next breakout.
Bank Nifty once again outperformed the broader market. PSU banks remained the key drivers as strong Q3 numbers boosted sentiment. The index held its higher low structure, which is a bullish sign for trend continuation.
Global Cues Impact
Global markets remained mixed throughout the week. US markets showed cautious optimism amid inflation data expectations and interest rate outlook discussions. Asian markets traded with volatility, reflecting currency pressures and growth concerns.
The Indian market reacted in a measured way:
- Positive earnings cushioned downside risk
- Banking sector strength supported indices
- Metal stocks gained from global commodity stability
Foreign Institutional Investors showed selective buying, especially in banking and financial services.
Q3 Earnings Impact: Key Highlights
Tata Steel Q3 Performance
- Revenue: ₹57,002 crore
- EBITDA: ₹8,199 crore
- EBITDA Margin: 14.4%
- Net Profit: ₹2,689 crore
The numbers came broadly in line with expectations. The market reaction remained balanced. While margins were slightly under pressure, profit stability supported investor confidence. Metal stocks showed steady accumulation post-results.
SBI Q3 Earnings
State Bank of India delivered a strong quarter, reinforcing confidence in PSU banking leadership.
Key Highlights:
- Net profit up 24.5% YoY to ₹21,028 crore
- NII up 9% YoY to ₹45,190 crore
- Gross NPA improved to 1.57%
- Net NPA declined to 0.39%
- Slippage ratio at 0.40%
These numbers reflect improving asset quality and stable growth. Banking stocks saw renewed interest as the earnings strengthened the sector’s outlook.
Midcap & Small Cap Action
The broader market showed selective momentum rather than aggressive rallies. Capital rotated into quality midcaps, especially in:
- Capital goods
- Railways
- Defence
- PSU themes
Small caps remained volatile but showed strong intraday recoveries, suggesting retail participation is still active.
The market structure suggests smart money is accumulating fundamentally strong companies rather than chasing momentum blindly.
INR Movement
The Indian Rupee remained under mild pressure against the US Dollar during the week. The movement was influenced by:
- Dollar strength
- Crude price stability
- Global interest rate expectations
Despite weakness, INR showed stability within a range, which prevented panic in equity markets.
Commodity Market Overview
Gold
Gold remained stable with a slight upward bias. Safe-haven demand and global uncertainty supported prices.
Crude Oil
Crude traded within a range. Stable crude prices are a positive signal for inflation and fiscal balance.
Metals
Metal stocks saw moderate buying after Tata Steel results. Commodity stability supported the sector sentiment.
Technical Analysis: RSI, MACD & Volume Signals
Nifty Technical Structure
RSI:
RSI is trading near the bullish zone but not overbought. This suggests the market still has room for upside if momentum continues.
MACD:
MACD remains in a positive crossover phase, indicating trend strength. Momentum is slowing slightly, hinting at possible sideways consolidation before the next move.
Volume:
Volume data indicates accumulation on dips rather than distribution. Institutional participation is visible in index heavyweights.
Bank Nifty Technical Structure
RSI:
RSI remains strong and above neutral levels, showing leadership momentum.
MACD:
Positive crossover remains intact, confirming bullish continuation.
Volume:
Strong volumes in PSU banks suggest sustained buying interest.
Sectoral Leadership
Strong Sectors
- Banking & Financials
- Metals
- Infrastructure
Emerging Momentum
- Defence
- Capital Goods
- PSU Stocks
Consolidating
- IT
- FMCG
Market Sentiment
Market sentiment remains optimistic but cautious. Traders are focusing more on stock-specific action rather than chasing index rallies.
The trend is clearly shifting towards:
- Quality accumulation
- Earnings-driven moves
- Institutional participation
Forecast for Upcoming Week
The coming week could be decisive as markets are trading near crucial resistance zones.
Bullish Scenario
If Nifty sustains above key breakout levels:
- Fresh buying can push markets higher
- Bank Nifty may lead the next rally
- PSU banks could outperform again
Bearish Scenario
If profit booking intensifies:
- Short-term correction possible
- Support zones likely to be tested
- Midcaps may see volatility
Expected Market Behaviour
- Sideways consolidation with bullish bias
- Stock-specific action to dominate
- Earnings reaction-driven volatility
Key Levels to Watch
| Index | Support Zone | Resistance Zone |
|---|---|---|
| Nifty | Strong near recent swing low | Breakout above recent highs |
| Bank Nifty | Strong base support intact | Fresh highs trigger momentum |
Investment Strategy
Short-term traders should remain cautious near resistance zones and avoid aggressive buying at highs.
Positional investors may consider:
- Buying quality stocks on dips
- Watching PSU banking and metal sectors
- Tracking volume-based breakouts
Risk management remains crucial as markets are trading near elevated zones.
Internal Links
- Read Daily Market Analysis on CapitalKeeper.in
- Check Sector-Wise Investment Themes
- Learn Technical Analysis: RSI, MACD & Price Action
FAQs
1. What was the overall trend this week?
Markets remained strong with a positive bias supported by banking and earnings.
2. Which sector led the rally?
Banking, especially PSU banks, remained the strongest performers.
3. What do technical indicators suggest?
RSI and MACD indicate bullish momentum but hint at short-term consolidation.
4. How did earnings impact the market?
Strong results from SBI and stable numbers from Tata Steel boosted sentiment.
5. What should investors expect next week?
Range-bound movement with stock-specific rallies and possible breakout attempts.
Final Word
The market is currently in a structurally strong phase supported by earnings, banking strength, and institutional participation. However, the pace of the rally suggests that consolidation is healthy and necessary.
With RSI holding strong and MACD signaling positive momentum, the broader trend remains bullish. The coming week will determine whether indices break into fresh highs or pause for consolidation before the next leg of the rally.
Smart investors should stay disciplined, focus on quality accumulation, and track volume-driven breakouts closely.
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Ranjit Sahoo
Founder & Chief Editor – CapitalKeeper.in
Ranjit Sahoo is the visionary behind CapitalKeeper.in, a leading platform for real-time market insights, technical analysis, and investment strategies. With a strong focus on Nifty, Bank Nifty, sector trends, and commodities, she delivers in-depth research that helps traders and investors make informed decisions.
Passionate about financial literacy, Ranjit blends technical precision with market storytelling, ensuring even complex concepts are accessible to readers of all levels. Her work covers pre-market analysis, intraday strategies, thematic investing, and long-term portfolio trends.
When he’s not decoding charts, Ranjit enjoys exploring coastal getaways and keeping an eye on emerging business themes.
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