Price Momentum and Recent Market Performance
On 1 February 2026, CCL Products closed at ₹972.00, marking a robust 4.30% gain from the previous close of ₹931.90. The stock traded within a range of ₹928.70 to ₹972.00 during the day, reflecting strong buying interest. This price action is notable given the stock’s 52-week high of ₹1,072.65 and a low of ₹475.00, indicating a substantial recovery and sustained upward trajectory over the past year.
Comparatively, CCL Products has outperformed the broader market benchmark, the Sensex, across multiple timeframes. Over the past week, the stock returned 4.91% against the Sensex’s 0.90%. On a one-month basis, it gained 2.67% while the Sensex declined by 2.84%. Year-to-date, the stock has appreciated 3.02%, contrasting with the Sensex’s 3.46% fall. Over longer horizons, the stock’s outperformance is even more pronounced, with a 59.06% return over one year versus the Sensex’s 7.18%, and a remarkable 305.51% gain over five years compared to the Sensex’s 77.74%.
Technical Indicator Analysis: MACD, RSI, and Moving Averages
The technical landscape for CCL Products reveals a nuanced but predominantly bullish picture. The Moving Average Convergence Divergence (MACD) indicator presents a mixed signal: the weekly MACD remains mildly bearish, suggesting some short-term consolidation or caution, while the monthly MACD has turned bullish, indicating strengthening momentum over a longer horizon. This divergence implies that while short-term traders might experience some volatility, the medium to long-term trend is gaining upward traction.
The Relative Strength Index (RSI) on both weekly and monthly charts currently shows no definitive signal, hovering in neutral territory. This suggests the stock is neither overbought nor oversold, providing room for further price appreciation without immediate risk of a sharp correction.
Daily moving averages reinforce the bullish stance, with the stock price comfortably above key averages. This alignment typically signals sustained buying pressure and supports the continuation of the upward trend. The confluence of daily moving averages acting as support levels adds confidence to the technical outlook.
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Bollinger Bands and Momentum Oscillators
Bollinger Bands on both weekly and monthly charts are signalling bullish momentum. The stock price is currently near the upper band, which often indicates strong buying interest and potential continuation of the rally. This technical setup suggests that volatility is expanding on the upside, a positive sign for momentum traders.
The Know Sure Thing (KST) oscillator presents a split view: mildly bearish on the weekly timeframe but bullish on the monthly. This aligns with the MACD’s mixed signals and points to short-term caution amid a longer-term uptrend. Investors should monitor weekly KST readings closely for signs of a potential shift towards bullishness as the monthly trend remains supportive.
Volume and Trend Confirmation
On-Balance Volume (OBV) indicators reinforce the bullish narrative. The weekly OBV is mildly bullish, while the monthly OBV is decisively bullish, indicating that volume trends are supporting price advances. This volume-price relationship is critical for confirming the sustainability of the current rally.
Dow Theory assessments mirror this mixed but improving trend environment. Weekly signals remain mildly bearish, reflecting some short-term profit-taking or consolidation, but monthly signals have upgraded to bullish, confirming the primary trend is upward.
Mojo Score and Market Capitalisation Insights
CCL Products holds a Mojo Score of 78.0, categorised as a Buy, reflecting strong technical and fundamental attributes. This is a slight downgrade from a previous Strong Buy rating assigned on 18 November 2025, indicating a more measured but still positive outlook. The company’s market capitalisation grade stands at 3, suggesting a mid-tier valuation relative to its peers in the FMCG sector.
Such a rating adjustment often reflects the evolving technical landscape and market conditions, signalling investors to remain optimistic but vigilant for any shifts in momentum.
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Comparative Sector and Market Context
Within the FMCG sector, CCL Products’ technical and price momentum improvements stand out. The sector has faced mixed headwinds recently, but CCL’s ability to maintain a bullish daily moving average trend and strong monthly momentum indicators positions it favourably against peers. Its consistent outperformance relative to the Sensex over multiple timeframes further underscores its resilience and growth potential.
Investors should note that while short-term indicators such as weekly MACD and KST suggest some caution, the broader monthly trends and volume confirmations provide a compelling case for continued upside. This dual timeframe analysis is crucial for balancing risk and reward in portfolio allocation decisions.
Outlook and Investment Considerations
Given the current technical parameters, CCL Products appears poised for further gains, supported by bullish moving averages, expanding Bollinger Bands, and positive volume trends. The neutral RSI readings offer additional room for upward price movement without immediate overbought risk. However, the mildly bearish weekly MACD and KST indicators warrant close monitoring for any signs of short-term pullbacks or consolidation phases.
Investors with a medium to long-term horizon may find the stock’s technical profile attractive, especially considering its strong historical returns and relative strength against the Sensex. The recent Mojo Score adjustment to Buy from Strong Buy reflects a prudent recalibration rather than a fundamental deterioration, signalling a balanced but optimistic stance.
Overall, CCL Products (India) Ltd’s technical momentum shift from mildly bullish to bullish, combined with solid volume and trend confirmations, suggests a favourable environment for accumulation and potential price appreciation in the coming months.
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