Overview of Market Indices
On 4th February 2026, the NIFTY and BANK NIFTY futures exhibited mixed trading activity influenced by macroeconomic cues and sector-specific developments. The NIFTY futures closed marginally higher, consolidating near the 18,200 level. Key support has been established between 18,000 and 18,050, with resistance zones identified around 18,300 to 18,350. The index continues to trade within a tight range, suggesting cautious optimism among market participants as volume profiles indicate moderate institutional buying.
BANK NIFTY futures, meanwhile, experienced higher volatility, testing the support zone near 44,000 multiple times during intraday sessions. The key resistance lies at 44,750 to 45,000 levels where selling pressure has intensified. Technical indicators such as the Relative Strength Index (RSI) hint at a mild oversold condition, suggesting potential for a corrective bounce if the 44,000 support holds decisively.
Individual Stock Analysis – Top Five Positive Performers
Glenmark Pharmaceuticals: Glenmark continued to outperform with strong volume and closed above its 50-day Moving Average (MA), trading near ₹490. It shows support between ₹470-475 and resistance at ₹500-510. Favorable global pharma trends and an improving product pipeline contribute to bullish momentum.
JSW Steel: The stock returned to an uptrend leveraging robust demand outlooks for steel. Key support resides near ₹920, with near-term resistance pegged at ₹960-970. Positive MACD crossover supports the buy-side interest, although metal price volatility remains a watch point.
Aurobindo Pharma: Auro Pharma gained momentum closing near ₹1,050, holding above its 21-day Exponential Moving Average (EMA). Support levels are established at ₹1,000-1,020, and resistance stands at ₹1,080-1,100. Regulatory approvals and steady US market revenues underpin its positive stance.
Godrej Consumer Products: The stock leveraged consistent domestic demand growth, maintaining a strong uptrend. Key support is placed at ₹1,350-1,370 and resistance at ₹1,410-1,430. Healthy fundamentals and stable margins support a constructive near-term outlook.
IndusInd Bank: IndusInd exhibited resilience by holding above its 200-day SMA at ₹1,350, with immediate resistance near ₹1,400. Strong asset quality metrics and steady credit growth keep the medium-term outlook positive, though watch for macroeconomic headwinds.
Negative Stock Insights – Five Underperformers
Reliance Industries: Reliance faced selling pressure, closing near ₹2,400, below its 50-day MA. Support zones are critical at ₹2,350-2,370; resistance is overhead at ₹2,450-2,470. Concerns around capital expenditure and commodity price fluctuations have weighed on sentiment.
ICICI Bank: The stock declined to test strong support between ₹850-860, with resistance capped at ₹880-890. Elevated non-performing assets (NPAs) concerns and cautious credit growth weighed on the price despite decent quarterly results.
Tata Consumer Products: Tata Consumer slipped, losing momentum near the ₹900 mark. Support lies around ₹875-880 with resistance limited to ₹920-930. Raw material inflation and margin pressures are hampering recovery attempts.
SBI (State Bank of India): SBI saw bearish action, retreating to support at ₹540-550, facing resistance near ₹570. Profit booking post earnings and uncertainty in credit off-take affected buying.
Adani Energy: Adani Energy continues to experience downward pressure, trading near ₹2,200. Support between ₹2,150-2,180 is pivotal; resistance is at ₹2,300-2,320. Regulatory scrutiny and commodity-linked volatility persist as key risks.
Conclusions
Overall, the investment landscape on 4th February 2026 is characterized by selective sectoral strength within the broader market consolidation. Bulls remain tentative on the NIFTY, supported primarily by resilient pharma, steel, and consumer staples stocks. Banking and energy segments are under pressure due to macroeconomic headwinds and regulatory challenges.
Traders and investors are advised to maintain a balanced approach. Accumulating quality stocks at defined support levels such as Glenmark, JSW Steel, and IndusInd Bank may offer favorable risk-reward setups. Conversely, caution is warranted with Reliance, ICICI Bank, and Adani Energy, where downside risks dominate until confirmed technical rebounds occur.
Using a combination of volume analysis, moving averages, and momentum oscillators will help in navigating the mixed market signals. Staying aligned with broader economic indicators and corporate earnings flows remains crucial for adjusting positions in the evolving market scenario.
