Technical Trend Overview and Price Movement
As of 20 Jan 2026, Havells India’s stock price closed at ₹1,445.15, marking a 1.42% increase from the previous close of ₹1,424.90. The intraday range saw a high of ₹1,453.95 and a low of ₹1,421.55, indicating moderate volatility within the session. The stock remains below its 52-week high of ₹1,712.95 but comfortably above its 52-week low of ₹1,360.05, suggesting a consolidation phase after recent price fluctuations.
The technical trend has shifted from outright bearish to mildly bearish, signalling a tentative improvement in momentum but still reflecting caution among investors. This transition is underscored by the mixed signals from key technical indicators.
MACD Signals: Divergent Weekly and Monthly Perspectives
The Moving Average Convergence Divergence (MACD) indicator presents a nuanced picture. On a weekly basis, the MACD is mildly bullish, suggesting that short-term momentum is gaining some traction. This mild bullishness indicates that the stock could be poised for a modest upward correction or at least a pause in the downtrend.
Conversely, the monthly MACD remains bearish, reflecting a longer-term downtrend that has yet to be decisively reversed. This divergence between weekly and monthly MACD readings highlights the stock’s current technical uncertainty, where short-term optimism is tempered by longer-term caution.
RSI and Bollinger Bands: Neutral to Mildly Bearish Signals
The Relative Strength Index (RSI) on both weekly and monthly charts shows no clear signal, hovering in neutral territory. This suggests that Havells India is neither overbought nor oversold, reinforcing the idea of a consolidation phase rather than a strong directional move.
Bollinger Bands, however, indicate a mildly bearish stance on both weekly and monthly timeframes. The stock price is likely trading near the lower band, signalling potential pressure on the downside but also hinting at a possible rebound if support levels hold.
Moving Averages and KST: Daily and Longer-Term Bearishness
Daily moving averages continue to show a mildly bearish trend, with the stock price hovering near or slightly below key averages such as the 50-day and 200-day moving averages. This suggests that while short-term momentum is improving, the overall trend remains under pressure.
The Know Sure Thing (KST) indicator, a momentum oscillator, remains bearish on both weekly and monthly charts, reinforcing the view that the stock is still in a downtrend phase from a momentum perspective.
Additional Technical Indicators: Dow Theory and OBV
According to Dow Theory, the weekly chart shows no clear trend, while the monthly chart is mildly bearish. This lack of a definitive trend on the weekly timeframe adds to the uncertainty, while the monthly mildly bearish signal aligns with other longer-term indicators.
On-Balance Volume (OBV) analysis also reflects no trend on the weekly chart and a mildly bearish stance on the monthly chart, suggesting that volume flows are not strongly supporting a bullish reversal at this stage.
Comparative Returns and Market Context
When compared with the broader Sensex index, Havells India’s returns present a mixed picture. Over the past week, the stock declined by 0.36%, outperforming the Sensex’s 0.75% fall. Over one month, Havells gained 2.08%, contrasting with the Sensex’s 1.98% decline, and year-to-date returns stand at 1.36% versus the Sensex’s negative 2.32%.
However, over the one-year horizon, Havells has underperformed significantly, with an 8.42% loss compared to the Sensex’s 8.65% gain. Longer-term returns over three, five, and ten years show Havells lagging the Sensex, with 19.80%, 41.68%, and 408.32% gains respectively, versus the Sensex’s 36.79%, 68.52%, and 240.06% returns. The ten-year outperformance is notable, reflecting Havells’ strong growth trajectory over the decade despite recent volatility.
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Mojo Score Upgrade and Market Capitalisation Insights
MarketsMOJO has upgraded Havells India’s Mojo Grade from Sell to Hold as of 19 Jan 2026, reflecting an improved but cautious outlook. The current Mojo Score stands at 54.0, indicating a moderate quality and momentum profile. The Market Cap Grade remains at 1, signalling that Havells is classified among the larger-cap stocks but with limited recent market cap momentum.
This upgrade suggests that while the stock is not yet a strong buy, it has shown enough technical and fundamental improvement to warrant a neutral stance. Investors should monitor further developments in technical indicators and price action before committing to a more bullish position.
Sector and Industry Positioning
Operating within the Electronics & Appliances sector, Havells India faces competitive pressures and cyclical demand patterns. The sector’s performance often correlates with broader economic trends and consumer spending patterns. The current mildly bearish technical signals may reflect sector-wide caution amid macroeconomic uncertainties.
However, Havells’ long-term growth record and recent technical stabilisation could position it well for a rebound if sector conditions improve and positive catalysts emerge.
Investor Considerations and Outlook
Given the mixed technical signals, investors should approach Havells India with a balanced perspective. The mildly bullish weekly MACD and recent price gains suggest potential for short-term recovery, but the persistent monthly bearish indicators and neutral RSI counsel prudence.
Risk-averse investors may prefer to wait for clearer confirmation of trend reversal, such as a sustained break above key moving averages or a monthly MACD shift to bullish. Meanwhile, those with a higher risk tolerance might consider selective accumulation on dips, given the stock’s attractive long-term fundamentals and recent Mojo Grade upgrade.
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Summary
Havells India Ltd. is currently navigating a complex technical landscape. The shift from bearish to mildly bearish technical trend, combined with a weekly MACD that is mildly bullish and a monthly MACD that remains bearish, paints a picture of tentative recovery amid longer-term caution. Neutral RSI readings and mildly bearish Bollinger Bands add to the mixed signals.
Price action near ₹1,445, above the recent low but below the 52-week high, reflects consolidation. The Mojo Grade upgrade to Hold and a Mojo Score of 54.0 indicate improving fundamentals and momentum, though not yet strong enough for a buy recommendation.
Investors should weigh the short-term technical improvements against the longer-term bearish momentum and sector dynamics. Monitoring key indicators such as moving averages, MACD monthly trends, and volume patterns will be critical in assessing the stock’s next directional move.
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