Key Events This Week
2 Feb: Mojo Grade upgraded to Buy on improved technicals and fundamentals
3 Feb: Mixed technical signals emerge amid price momentum shift
4 Feb: Bullish momentum confirmed with technical upgrades
6 Feb: Week closes at Rs.127.15, up 2.17% for the week
2 February 2026: Upgrade to Buy on Improved Technicals and Fundamentals
Jamna Auto Industries Ltd began the week on a cautious note, closing at ₹122.00, down 1.97% from the previous Friday. This decline occurred alongside a broader market sell-off, with the Sensex falling 1.03% to 35,814.09. Despite the dip, the company’s investment rating was upgraded by MarketsMOJO from Hold to Buy on 30 January 2026, reflecting improved technical indicators and solid financial fundamentals.
The upgrade was driven by bullish signals from Bollinger Bands on weekly and monthly charts, alongside upward trending daily moving averages. Although the weekly MACD remained mildly bearish, the monthly MACD was bullish, indicating strengthening long-term momentum. Valuation metrics were adjusted to a fair grade, with a price-to-earnings ratio of 28.09 and a robust return on capital employed of 27.04%, underscoring efficient capital utilisation.
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3 February 2026: Mixed Technical Signals Amid Price Momentum Shift
The stock rebounded sharply on 3 February, gaining 3.85% to close at ₹126.70, outperforming the Sensex’s 2.63% rise to 36,755.96. However, technical indicators presented a more nuanced picture. The daily moving averages remained mildly bullish, supporting short-term upward momentum, but the weekly MACD turned mildly bearish, signalling some short-term weakening.
The Relative Strength Index (RSI) hovered in neutral territory, indicating neither overbought nor oversold conditions. Bollinger Bands suggested contained volatility with a mild bullish bias. The Know Sure Thing (KST) indicator was bullish on the weekly chart but mildly bullish monthly, while Dow Theory on the weekly chart was mildly bearish, reflecting cautious investor sentiment. On-Balance Volume (OBV) was mildly bearish weekly, indicating subdued volume support for price advances.
Despite these mixed signals, Jamna Auto’s Mojo Score remained strong at 70.0 with a Buy grade, reflecting confidence in the company’s fundamentals and longer-term technical outlook. The stock’s 12-month return of 31.14% and five-year return of 84.73% continued to outpace the Sensex, reinforcing its resilience.
4 February 2026: Bullish Momentum Confirmed with Technical Upgrades
On 4 February, Jamna Auto Industries Ltd extended gains by 2.64%, closing at ₹130.05, marking the week’s highest close. This advance outpaced the Sensex’s modest 0.37% gain to 36,890.21. Technical indicators upgraded the trend from mildly bullish to bullish, supported by daily moving averages firmly below the price and bullish KST readings on both weekly and monthly charts.
The monthly MACD remained bullish, while the weekly MACD was still mildly bearish, suggesting short-term caution amid longer-term strength. Bollinger Bands on weekly and monthly charts were bullish, signalling expanding upward price volatility. The RSI remained neutral, indicating room for further appreciation without immediate risk of correction.
Volume indicators showed a mildly bearish OBV on the weekly chart but no clear monthly trend, suggesting moderate volume support. Dow Theory readings remained mildly bearish weekly but neutral monthly, highlighting some short-term hesitancy despite the overall positive momentum.
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5 February 2026: Marginal Gains Amid Market Volatility
The stock edged up 0.42% to ₹130.60 on 5 February, while the Sensex declined 0.53% to 36,695.11. This modest gain reflected consolidation after the prior day’s strong advance. Technical indicators suggested a continuation of the bullish trend, though volume was lower at 74,340 shares, indicating cautious participation.
6 February 2026: Profit Taking Leads to Slight Pullback
Jamna Auto closed the week at ₹127.15, down 2.64% on the day, as profit-taking emerged amid mixed technical signals. The Sensex rose marginally by 0.10% to 36,730.20. Volume declined to 43,161 shares, reflecting subdued trading activity. Despite the pullback, the stock ended the week with a solid 2.17% gain, outperforming the Sensex’s 1.51% rise.
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-02 | Rs.122.00 | -1.97% | 35,814.09 | -1.03% |
| 2026-02-03 | Rs.126.70 | +3.85% | 36,755.96 | +2.63% |
| 2026-02-04 | Rs.130.05 | +2.64% | 36,890.21 | +0.37% |
| 2026-02-05 | Rs.130.60 | +0.42% | 36,695.11 | -0.53% |
| 2026-02-06 | Rs.127.15 | -2.64% | 36,730.20 | +0.10% |
Key Takeaways
Jamna Auto Industries Ltd demonstrated resilience this week, outperforming the Sensex by 0.66 percentage points with a 2.17% gain. The upgrade to a Buy rating by MarketsMOJO on 30 January 2026 set a positive tone, supported by improved technical indicators and solid fundamentals such as a strong ROCE of 27.04% and a fair valuation relative to peers.
Technical signals evolved from bullish to mildly bullish and back to bullish during the week, reflecting a dynamic momentum environment. The divergence between weekly and monthly MACD readings highlighted short-term caution amid longer-term strength. Neutral RSI levels and bullish Bollinger Bands suggested balanced price action with room for further appreciation.
Volume trends were mixed, with mildly bearish OBV readings on the weekly chart indicating moderate volume support. Dow Theory signals remained mildly bearish weekly but neutral monthly, underscoring the importance of monitoring short-term volatility. The stock’s strong relative performance over one, five, and ten years continues to underpin investor confidence.
Investors should note the recent profit-taking on 6 February and the subdued volume, which may signal short-term consolidation. However, the overall technical upgrades and fundamental strength provide a constructive backdrop for the stock’s medium-term outlook.
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