Price Movement and Market Context
On 21 Jan 2026, CCL Products closed at ₹948.10, down 3.89% from the previous close of ₹986.50. The stock traded within a range of ₹943.10 to ₹984.30 during the day, retreating from its 52-week high of ₹1,072.65 but comfortably above its 52-week low of ₹475.00. This recent price correction comes amid broader market volatility, with the Sensex showing a modest decline over the week.
Comparatively, CCL Products has outperformed the Sensex significantly over longer horizons. The stock’s one-year return stands at 50.36%, vastly exceeding the Sensex’s 6.63%. Over five and ten years, the stock has delivered exceptional compounded returns of 282.92% and 438.69% respectively, compared to the Sensex’s 65.05% and 241.54%. This long-term outperformance underscores the company’s strong fundamentals and investor confidence despite short-term technical fluctuations.
Technical Trend Analysis: From Bullish to Mildly Bullish
The technical trend for CCL Products has shifted from a clear bullish stance to a mildly bullish one, signalling a moderation in upward momentum. This change reflects a more cautious market sentiment, possibly influenced by recent price volatility and profit-taking activities.
The daily moving averages remain mildly bullish, indicating that the stock price is still trading above key short-term averages, which supports a positive near-term outlook. However, the weekly and monthly technical indicators present a more complex scenario.
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MACD and Momentum Indicators
The Moving Average Convergence Divergence (MACD) indicator reveals a divergence in momentum across timeframes. On a weekly basis, the MACD is mildly bearish, suggesting some short-term weakening in upward momentum. This could be attributed to the recent price pullback and consolidation phase. Conversely, the monthly MACD remains bullish, indicating that the longer-term trend continues to favour upward price movement.
This divergence between weekly and monthly MACD readings highlights a transitional phase where short-term caution coexists with sustained long-term strength.
Relative Strength Index (RSI) and Volatility Measures
The RSI readings for both weekly and monthly periods currently show no definitive signal, hovering in neutral zones. This suggests that the stock is neither overbought nor oversold, providing a balanced outlook without extreme momentum pressures. Such RSI neutrality often precedes directional moves, making it a key indicator to watch in the coming weeks.
Bollinger Bands add further insight, with weekly bands indicating a mildly bullish stance and monthly bands confirming a bullish trend. The stock price remains within the upper half of the Bollinger range, signalling controlled volatility and potential for upward price stability.
Other Technical Indicators: KST, Dow Theory, and OBV
The Know Sure Thing (KST) oscillator presents a mixed picture: mildly bearish on the weekly chart but bullish on the monthly. This aligns with the MACD’s message of short-term caution amid longer-term optimism. Dow Theory analysis supports a mildly bullish weekly trend and a bullish monthly trend, reinforcing the notion of a gradual upward trajectory despite recent pullbacks.
On-Balance Volume (OBV) readings are mildly bullish weekly and bullish monthly, indicating that buying volume is still supporting the stock’s price at higher timeframes. This volume confirmation is critical for sustaining any upward momentum and suggests institutional interest remains intact.
Mojo Score and Ratings Update
MarketsMOJO assigns CCL Products a Mojo Score of 74.0, reflecting a solid buy rating. This represents a slight downgrade from a previous Strong Buy rating as of 18 Nov 2025, signalling a more measured optimism among analysts. The Market Cap Grade stands at 3, indicating a mid-tier market capitalisation relative to peers in the FMCG sector.
The downgrade from Strong Buy to Buy is consistent with the technical trend shift from bullish to mildly bullish, suggesting investors should remain watchful for confirmation of trend direction before committing additional capital.
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Comparative Performance and Sector Context
Within the FMCG sector, CCL Products continues to demonstrate robust performance metrics. Its long-term returns dwarf the Sensex benchmark, underscoring the company’s resilience and growth potential. The recent technical moderation should be viewed in the context of broader sector rotation and market sentiment shifts rather than fundamental deterioration.
Investors should note that the stock’s current price near ₹948.10 remains well above its 52-week low, indicating strong support levels. The mild bearish signals on weekly momentum indicators may offer tactical entry points for investors seeking to accumulate shares at more favourable valuations.
Outlook and Investor Considerations
Overall, CCL Products is navigating a phase of technical consolidation after a prolonged bullish run. The mixed signals from MACD, KST, and RSI suggest that while short-term momentum has softened, the underlying long-term trend remains intact. Moving averages and volume indicators continue to support a mildly bullish stance, implying that the stock is unlikely to experience a sharp reversal without significant market catalysts.
Investors should monitor weekly MACD and KST readings closely for signs of renewed momentum or further weakening. Additionally, the absence of RSI extremes suggests that the stock is poised for a directional move, which could be triggered by upcoming earnings, sector developments, or macroeconomic factors.
Given the downgrade from Strong Buy to Buy, a cautious approach with attention to technical confirmation is advisable. Long-term investors may view current levels as an opportunity to add selectively, while short-term traders might await clearer signals before initiating positions.
Summary
CCL Products (India) Ltd’s recent technical parameter changes reflect a transition from strong bullishness to a more tempered mildly bullish outlook. While short-term momentum indicators such as weekly MACD and KST show mild bearishness, monthly indicators and moving averages maintain a positive trend. The stock’s impressive long-term returns relative to the Sensex and sector peers reinforce its fundamental strength despite near-term volatility.
With a Mojo Score of 74.0 and a Buy rating, the company remains a compelling investment within the FMCG space, albeit with a need for careful monitoring of technical signals. Investors should balance the stock’s strong historical performance against current technical caution to optimise entry and exit points.
In conclusion, CCL Products stands at a technical crossroads where measured optimism and prudent caution must be balanced to capitalise on its enduring growth potential.
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