Excel Industries Ltd Sees Mixed Technical Signals Amid Price Momentum Shift

Price Movement and Market Context

On 1 February 2026, Excel Industries closed at ₹937.55, marking a 2.07% increase from the previous close of ₹918.50. The stock traded within a narrow intraday range, hitting a high of ₹942.55 and a low of ₹937.55. This price movement comes against a 52-week high of ₹1,438.00 and a low of ₹798.50, indicating the stock remains well below its peak levels from the past year.

Comparatively, Excel Industries has outperformed the Sensex over shorter periods, with a 3.77% return over the past week versus the Sensex’s 0.90%. Over one month, the stock gained 2.14% while the Sensex declined by 2.84%. Year-to-date, Excel’s return is a modest 0.38%, outperforming the Sensex’s negative 3.46%. However, the longer-term picture is less favourable, with a 24.51% decline over the past year compared to the Sensex’s 7.18% gain, and a 12.92% drop over three years versus the Sensex’s 38.27% rise.

Technical Trend Analysis: Mixed Signals Across Timeframes

MarketsMOJO’s technical assessment reveals a shift from a bearish to a mildly bearish trend overall. The daily moving averages remain mildly bearish, signalling that short-term momentum is still under pressure. The weekly and monthly charts present a more complex picture.

The Moving Average Convergence Divergence (MACD) indicator shows a mildly bullish signal on the weekly chart, suggesting some upward momentum in the near term. However, the monthly MACD remains bearish, indicating that the longer-term trend has yet to confirm a sustained recovery. This divergence between weekly and monthly MACD readings highlights the stock’s current technical uncertainty.

The Relative Strength Index (RSI) on both weekly and monthly timeframes is neutral, providing no clear overbought or oversold signals. This lack of momentum extremes suggests the stock is consolidating rather than trending strongly in either direction.

Bollinger Bands and KST Indicators

Bollinger Bands on weekly and monthly charts are mildly bearish, reflecting a slight downward pressure on price volatility. The stock price is hovering near the lower band on these timeframes, which could indicate a potential support zone but also warns of continued caution.

The Know Sure Thing (KST) indicator, a momentum oscillator, is bearish on the weekly chart and mildly bearish on the monthly chart. This aligns with the broader technical narrative of subdued momentum and a cautious outlook for the stock.

Volume and Dow Theory Insights

On-Balance Volume (OBV) presents a mixed picture: mildly bullish on the weekly timeframe but mildly bearish on the monthly. This suggests that while recent trading volumes support some buying interest, the longer-term volume trend remains weak. Dow Theory analysis shows no clear trend on the weekly chart and a mildly bearish stance on the monthly, reinforcing the notion of technical indecision.

Mojo Score and Rating Update

MarketsMOJO recently downgraded Excel Industries from a Hold to a Sell rating on 13 October 2025, reflecting a deterioration in the stock’s technical and fundamental outlook. The current Mojo Score stands at 42.0, which is firmly in the Sell category. The Market Cap Grade is 3, indicating a mid-tier market capitalisation relative to peers in the Specialty Chemicals sector.

This downgrade is consistent with the mixed technical signals and the stock’s underperformance over the medium to long term. Investors should weigh these factors carefully, especially given the stock’s 24.51% decline over the past year despite short-term gains.

Comparative Performance and Sector Context

Excel Industries operates within the Specialty Chemicals sector, which has seen varied performance amid global supply chain challenges and fluctuating raw material costs. While the sector has pockets of strength, Excel’s relative underperformance against the Sensex and its peers suggests company-specific challenges.

Over the past five years, Excel has delivered a 12.80% return, significantly lagging the Sensex’s 77.74% gain. However, the stock’s ten-year return of 362.99% outpaces the Sensex’s 230.79%, indicating strong historical growth that has recently slowed.

Investor Takeaways and Outlook

From a technical perspective, Excel Industries is at a crossroads. The mildly bullish weekly MACD and OBV signals offer some hope for a short-term rebound, but the prevailing monthly bearish indicators and moving averages counsel caution. The neutral RSI readings suggest the stock is consolidating, potentially setting up for a decisive move in either direction.

Investors should monitor key support levels near ₹798.50 and resistance around ₹1,000, which could act as psychological barriers. The stock’s inability to reclaim its 52-week high of ₹1,438.00 underscores the need for a sustained catalyst to drive momentum.

Given the downgrade to Sell and the mixed technical signals, a cautious approach is advisable. Those holding the stock may consider re-evaluating their positions in light of peer performance and sector dynamics.

Conclusion

Excel Industries Ltd’s recent technical parameter changes highlight a stock caught between recovery attempts and lingering bearish pressures. While short-term momentum indicators offer some optimism, the broader monthly trends and recent downgrade to Sell by MarketsMOJO suggest investors should remain vigilant.

For those considering entry or exit, it is essential to track evolving technical signals closely and compare Excel’s performance against sector peers and broader market indices. The stock’s mixed technical profile and recent price action underscore the importance of a disciplined, data-driven investment approach in the Specialty Chemicals space.

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