Hariom Pipe Industries Ltd Faces Bearish Momentum Amid Technical Downgrade

Technical Trend Shift and Price Movement

The stock closed at ₹379.00 on 12 Feb 2026, down 2.31% from the previous close of ₹387.95. Intraday trading saw a high of ₹387.05 and a low of ₹378.10, indicating a relatively narrow trading range but with a clear downward bias. The 52-week high stands at ₹572.10, while the 52-week low is ₹301.40, placing the current price closer to the lower end of its annual range and underscoring the recent weakness.

Technical trend analysis reveals a shift from mildly bearish to outright bearish. Daily moving averages have turned bearish, signalling that short-term momentum is weakening. This is corroborated by the Bollinger Bands, which are bearish on both weekly and monthly timeframes, suggesting increased volatility with a downward bias. The Moving Average Convergence Divergence (MACD) indicator presents a mixed picture: weekly MACD remains mildly bullish, but the monthly MACD has deteriorated to mildly bearish, indicating that longer-term momentum is faltering.

Momentum Oscillators and Volume Analysis

The Relative Strength Index (RSI) on both weekly and monthly charts currently shows no clear signal, hovering in neutral territory. This suggests that the stock is neither oversold nor overbought, but the absence of positive RSI momentum fails to support any immediate bullish reversal. The Know Sure Thing (KST) indicator is mildly bullish on the weekly scale but bearish monthly, reinforcing the notion of short-term relief rallies amid a deteriorating longer-term trend.

On-Balance Volume (OBV) analysis adds to the cautious outlook, with weekly OBV mildly bearish and monthly OBV showing no definitive trend. This indicates that volume flows are not supporting a sustained price recovery, and selling pressure may be gradually increasing.

Comparative Performance Versus Sensex

Hariom Pipe’s recent returns have lagged behind the broader market benchmark, the Sensex. Over the past week, the stock declined by 7.16%, while the Sensex gained 0.50%. The one-month return for Hariom Pipe was down 5.47%, contrasting with a 0.79% rise in the Sensex. Year-to-date, the stock has marginally increased by 1.11%, outperforming the Sensex’s negative 1.16% return. However, over longer horizons, the stock has underperformed significantly: a one-year return of -4.22% versus Sensex’s 10.41%, and a three-year return of -11.9% compared to Sensex’s robust 38.81% gain.

MarketsMOJO Grade and Industry Context

MarketsMOJO has downgraded Hariom Pipe’s Mojo Grade from Hold to Sell as of 15 Dec 2025, reflecting a deterioration in the company’s technical and fundamental outlook. The Mojo Score currently stands at 40.0, a level that signals caution for investors. The Market Cap Grade is 4, indicating a relatively modest market capitalisation within the Iron & Steel Products sector.

The Iron & Steel Products industry has faced headwinds recently, with fluctuating raw material costs and subdued demand impacting profitability. Hariom Pipe’s technical indicators mirror these challenges, with bearish signals dominating daily and monthly charts. The Dow Theory assessment is mildly bearish on the weekly timeframe and shows no clear trend monthly, further emphasising the lack of conviction among market participants.

Moving Averages and Price Momentum

Daily moving averages have crossed into bearish territory, with the short-term averages falling below longer-term averages, a classic signal of downward momentum. This crossover often precedes further price declines unless offset by strong fundamental catalysts or sectoral recovery. The stock’s inability to sustain levels above ₹380 in recent sessions highlights resistance near current prices, while support near the 52-week low of ₹301.40 remains a critical level to watch.

Investors should note that while weekly MACD and KST indicators show mild bullishness, these are insufficient to counterbalance the broader bearish technical environment. The mixed signals suggest potential short-term rallies but within an overall downtrend, cautioning against aggressive accumulation at this stage.

Investor Takeaway and Outlook

Hariom Pipe Industries Ltd’s technical profile has clearly weakened, with multiple indicators signalling bearish momentum. The downgrade to a Sell rating by MarketsMOJO reflects this shift and suggests that investors should exercise caution. The stock’s underperformance relative to the Sensex over medium and long-term periods further emphasises the challenges it faces.

While short-term oscillators like weekly MACD and KST hint at possible relief rallies, the dominant daily and monthly bearish signals, combined with weak volume trends, imply that any upside may be limited and temporary. Investors should monitor key support levels near ₹350 and the 52-week low of ₹301.40 for signs of stabilisation.

Given the current technical landscape and sector headwinds, Hariom Pipe may remain under pressure until there is a clear improvement in volume, price momentum, and broader market sentiment. Those holding the stock should consider peer comparisons and alternative opportunities within the Iron & Steel Products sector and beyond.

Summary of Key Technical Indicators

• MACD: Weekly mildly bullish; Monthly mildly bearish
• RSI: Neutral on weekly and monthly charts
• Bollinger Bands: Bearish on weekly and monthly
• Moving Averages: Daily bearish crossover
• KST: Weekly mildly bullish; Monthly bearish
• Dow Theory: Weekly mildly bearish; Monthly no trend
• OBV: Weekly mildly bearish; Monthly no trend

Price and Returns Overview

• Current Price: ₹379.00
• Previous Close: ₹387.95
• 52-Week High: ₹572.10
• 52-Week Low: ₹301.40
• 1 Week Return: -7.16% vs Sensex +0.50%
• 1 Month Return: -5.47% vs Sensex +0.79%
• Year-to-Date Return: +1.11% vs Sensex -1.16%
• 1 Year Return: -4.22% vs Sensex +10.41%
• 3 Year Return: -11.9% vs Sensex +38.81%

In conclusion, Hariom Pipe Industries Ltd’s technical deterioration and relative underperformance warrant a cautious stance. Investors should closely monitor technical signals and sector developments before considering new positions or adding to existing holdings.

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