Hexa Tradex Ltd Faces Bearish Momentum Amid Mixed Technical Signals

Technical Trend Overview and Price Movement

As of 4 Feb 2026, Hexa Tradex’s share price closed at ₹159.95, down 1.77% from the previous close of ₹160.70. The stock traded within a range of ₹148.80 to ₹169.00 during the day, remaining closer to its 52-week low of ₹148.80 than its high of ₹237.00. This price action underscores the prevailing bearish sentiment, with the stock underperforming the broader market indices in recent periods.

The technical trend has shifted from mildly bearish to outright bearish, signalling increased selling pressure. Daily moving averages confirm this downtrend, with the stock trading below key averages, indicating weak short-term momentum. The KST (Know Sure Thing) indicator, a momentum oscillator, remains bearish on both weekly and monthly timeframes, reinforcing the negative outlook.

MACD and RSI: Divergent Signals

The Moving Average Convergence Divergence (MACD) indicator presents a nuanced picture. On a weekly basis, the MACD remains mildly bullish, suggesting some underlying positive momentum in the medium term. However, the monthly MACD is bearish, indicating that the longer-term trend is still under pressure. This divergence suggests that while short-term rallies may occur, the broader downtrend is intact.

Relative Strength Index (RSI) readings further complicate the technical narrative. The weekly RSI currently shows no clear signal, hovering in a neutral zone without indicating overbought or oversold conditions. Conversely, the monthly RSI is bullish, implying that the stock may be gaining some strength over a longer horizon. This mixed RSI profile suggests that investors should be cautious, as short-term weakness could persist despite potential longer-term recovery.

Bollinger Bands and Volume Trends

Bollinger Bands on both weekly and monthly charts are mildly bearish, reflecting increased volatility and a tendency for the stock price to remain near the lower band. This technical setup often signals downward pressure and potential continuation of the bearish trend unless a significant catalyst emerges.

On-Balance Volume (OBV) indicators show no clear trend on weekly or monthly timeframes, indicating that volume has not decisively supported either buying or selling pressure. This lack of volume confirmation weakens the conviction behind price moves, suggesting that any rallies may lack strong participation from institutional investors.

Dow Theory and Moving Averages Confirm Bearishness

Dow Theory assessments on weekly and monthly charts classify the trend as mildly bearish, aligning with the broader technical consensus. This theory, which analyses market trends through price action and volume, supports the view that Hexa Tradex is currently in a corrective phase rather than a sustained uptrend.

Daily moving averages reinforce this bearish stance, with the stock price consistently below its short-term and medium-term averages. This technical positioning typically signals that sellers dominate the market, and any attempts at recovery may face resistance near these averages.

Comparative Performance Against Sensex

Hexa Tradex’s recent returns have lagged behind the benchmark Sensex index, highlighting relative weakness. Over the past week, the stock declined by 1.27%, while the Sensex gained 2.30%. Over one month, Hexa Tradex fell 2.47%, slightly worse than the Sensex’s 2.36% decline. Year-to-date, the stock is down 2.29%, compared to the Sensex’s 1.74% loss.

Longer-term returns show a mixed picture. Over one year, Hexa Tradex has underperformed significantly, with a 16.97% loss versus an 8.49% gain for the Sensex. However, over five and ten years, the company has delivered exceptional returns of 297.39% and 918.79% respectively, far outpacing the Sensex’s 66.63% and 245.70% gains. This disparity suggests that while the stock has strong historical growth credentials, recent momentum has faltered.

Mojo Score and Rating Update

MarketsMOJO assigns Hexa Tradex a Mojo Score of 31.0, reflecting a Sell rating. This is a downgrade from the previous Strong Sell grade issued on 1 Feb 2026, indicating a slight improvement but still a negative outlook. The Market Cap Grade stands at 4, consistent with its micro-cap status and associated liquidity and volatility risks.

The downgrade in technical trend from mildly bearish to bearish, combined with mixed indicator signals, suggests that investors should exercise caution. The current technical environment does not favour aggressive buying, and risk-averse investors may prefer to wait for clearer signs of trend reversal.

Investor Takeaway and Outlook

Hexa Tradex Ltd’s technical indicators present a complex picture with a prevailing bearish bias. The shift from mildly bearish to bearish technical trend, supported by daily moving averages and KST indicators, signals caution for investors. While weekly MACD and monthly RSI offer some hope of medium to long-term strength, these are currently overshadowed by bearish momentum and weak volume confirmation.

Price action near the lower Bollinger Bands and underperformance relative to the Sensex reinforce the need for prudence. Investors should monitor key support levels near ₹148.80 and watch for any sustained break above daily moving averages as a potential sign of trend reversal.

Given the current Mojo Score of 31.0 and Sell rating, the stock remains a speculative proposition. Those with a higher risk appetite may consider selective accumulation on confirmed technical strength, but the broader market context and sector challenges suggest a cautious approach is warranted.

Long-Term Performance Context

Despite recent weakness, Hexa Tradex’s long-term returns remain impressive, with nearly 300% gains over five years and over 900% over ten years. This track record highlights the company’s ability to generate substantial shareholder value over extended periods. However, the current technical deterioration suggests that investors should not extrapolate past performance into the near future without careful analysis of evolving market conditions.

Summary of Technical Indicators

• MACD: Weekly mildly bullish; Monthly bearish
• RSI: Weekly neutral; Monthly bullish
• Bollinger Bands: Mildly bearish on weekly and monthly
• Moving Averages: Daily bearish
• KST: Bearish on weekly and monthly
• Dow Theory: Mildly bearish on weekly and monthly
• OBV: No clear trend on weekly and monthly

These mixed signals require investors to remain vigilant and responsive to new developments, particularly any shifts in volume or price momentum that could herald a change in trend.

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