Bajel Projects Ltd Faces Bearish Momentum Amid Technical Downturn

Technical Momentum Shifts to Bearish

Bajel Projects Ltd’s share price closed at ₹164.30 on 12 Feb 2026, down 2.92% from the previous close of ₹169.25. The stock’s intraday range was between ₹163.15 and ₹169.95, reflecting heightened volatility. Over the past week, the stock has declined by 1.14%, contrasting with the Sensex’s modest 0.50% gain, signalling underperformance relative to the broader market. The one-month return stands at -3.35%, while year-to-date losses have deepened to -5.28%, compared with the Sensex’s -1.16% decline. Over the last year, Bajel Projects has fallen 16.58%, whereas the Sensex has appreciated by 10.41%, underscoring the stock’s relative weakness.

MACD and Moving Averages Confirm Downtrend

The Moving Average Convergence Divergence (MACD) indicator on the weekly chart remains bearish, confirming the downward momentum. Although the monthly MACD reading is not explicitly signalling, the weekly bearish stance suggests sustained selling pressure. Daily moving averages reinforce this view, with the stock trading below key averages, indicating a lack of short-term buying interest. The technical trend has shifted from mildly bearish to outright bearish, reflecting a deterioration in price momentum.

RSI and Bollinger Bands Signal Caution

The Relative Strength Index (RSI) on both weekly and monthly timeframes currently shows no clear signal, hovering in a neutral zone. This suggests that while the stock is not yet oversold, it lacks the momentum to rally. Bollinger Bands on weekly and monthly charts are mildly bearish, indicating that the stock price is closer to the lower band, which often signals increased volatility and potential downward pressure.

Additional Technical Indicators Paint a Bearish Picture

The Know Sure Thing (KST) indicator on the weekly timeframe is bearish, reinforcing the negative momentum. Meanwhile, Dow Theory and On-Balance Volume (OBV) indicators show no definitive trend on weekly or monthly charts, suggesting that volume and broader market trend confirmations are lacking. This absence of positive volume support further weakens the stock’s technical outlook.

Price Levels and Historical Context

Bajel Projects’ current price of ₹164.30 is significantly below its 52-week high of ₹262.00, representing a decline of approximately 37.3%. The 52-week low stands at ₹142.75, indicating that the stock is closer to its lower range, which may act as a support level. However, the recent price action suggests that the stock is struggling to regain upward momentum, with resistance near the ₹170 mark, as evidenced by the intraday high on 12 Feb 2026.

Mojo Score and Ratings Reflect Weak Fundamentals

Bajel Projects currently holds a Mojo Score of 31.0, categorised as a ‘Sell’ rating, upgraded from a previous ‘Strong Sell’ on 7 Oct 2025. This slight improvement in rating does little to offset the overall negative sentiment. The Market Capitalisation Grade is a low 3, indicating limited market size and liquidity concerns. These fundamental assessments align with the technical indicators, suggesting that the stock remains unattractive for risk-averse investors.

Sector and Industry Context

Operating within the Heavy Electrical Equipment sector, Bajel Projects faces sectoral headwinds amid subdued industrial demand and cautious capital expenditure trends. The sector’s cyclical nature means that companies like Bajel Projects are vulnerable to macroeconomic shifts, which is reflected in the stock’s underperformance relative to the Sensex. Investors should weigh sectoral dynamics alongside company-specific technical signals before making allocation decisions.

Comparative Returns Highlight Underperformance

When benchmarked against the Sensex, Bajel Projects’ returns over multiple periods reveal a consistent lag. The one-year return of -16.58% contrasts sharply with the Sensex’s 10.41% gain, while the year-to-date performance is also weaker by over 4 percentage points. Longer-term data is unavailable for the stock, but the Sensex’s robust 10-year return of 267.00% underscores the opportunity cost of holding Bajel Projects amid its current downtrend.

Investor Takeaway and Outlook

Given the prevailing bearish technical indicators and weak relative performance, Bajel Projects Ltd currently presents a challenging investment proposition. The stock’s failure to sustain levels above ₹170 and its proximity to the 52-week low suggest limited near-term upside. The absence of strong volume support and neutral RSI readings further imply that any recovery may be tentative at best.

Investors should monitor key technical levels and sector developments closely. A sustained break above daily moving averages and a positive shift in MACD could signal a reversal, but until such confirmation, caution is warranted. The company’s modest upgrade from ‘Strong Sell’ to ‘Sell’ rating by MarketsMOJO reflects a slight improvement but does not yet indicate a turnaround.

For those seeking exposure to the Heavy Electrical Equipment sector, exploring alternative stocks with stronger technical and fundamental profiles may be prudent. Bajel Projects’ current technical and fundamental metrics suggest it remains a speculative holding rather than a core portfolio stock.

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