Current Price Action and Market Context
As of 20 Feb 2026, HPL Electric & Power Ltd closed at ₹363.80, down 0.68% from the previous close of ₹366.30. The stock traded within a range of ₹355.05 to ₹375.60 during the day, reflecting some volatility but no decisive directional breakout. The 52-week high stands at ₹639.50, while the 52-week low is ₹308.20, indicating a wide trading band and significant price retracement from the peak.
Comparatively, the stock has outperformed the Sensex over shorter periods, with a 1-week return of +0.04% versus Sensex’s -1.41%, and a 1-month return of +6.98% against Sensex’s -0.90%. However, year-to-date and 1-year returns are negative at -10.64% and -9.68% respectively, while the Sensex posted positive returns of -3.19% YTD and +8.64% over one year. Over longer horizons, HPL Electric has delivered exceptional gains, with 3-year and 5-year returns of +324.5% and +799.38%, far surpassing the Sensex’s 35.24% and 62.11% respectively.
Technical Trend Evolution
The technical trend for HPL Electric & Power Ltd has deteriorated from mildly bearish to outright bearish, signalling increased downside risk in the near term. This shift is corroborated by multiple technical indicators across different timeframes.
MACD (Moving Average Convergence Divergence): The weekly MACD remains bearish, indicating that the short-term momentum is weaker than the longer-term trend. The monthly MACD is mildly bearish, suggesting that while the longer-term trend is not strongly negative, it is losing strength.
RSI (Relative Strength Index): Both weekly and monthly RSI readings currently show no clear signal, hovering in neutral zones. This implies that the stock is neither overbought nor oversold, but the lack of bullish RSI momentum adds to the cautious outlook.
Bollinger Bands: Weekly and monthly Bollinger Bands are mildly bearish, reflecting increased volatility and a tendency for prices to test lower bands, which often precedes further downside movement.
Moving Averages: Daily moving averages are bearish, with the stock trading below key averages such as the 50-day and 200-day moving averages. This technical positioning typically signals a negative near-term trend and potential resistance at higher levels.
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KST (Know Sure Thing) Indicator: The weekly KST is bearish, reinforcing the negative momentum in the short term. The monthly KST remains mildly bearish, indicating that the longer-term momentum is weakening but not decisively negative yet.
Dow Theory: Weekly Dow Theory signals are mildly bullish, suggesting some underlying strength in the market structure. However, the monthly Dow Theory shows no clear trend, reflecting uncertainty in the broader directional bias.
OBV (On-Balance Volume): Weekly OBV is mildly bullish, indicating that volume trends are somewhat supportive of price gains in the short term. Conversely, the monthly OBV is mildly bearish, signalling that longer-term volume trends do not favour sustained upward price movement.
Mojo Score and Grade Update
HPL Electric & Power Ltd currently holds a Mojo Score of 37.0, which corresponds to a 'Sell' grade. This represents an upgrade from the previous 'Strong Sell' grade assigned on 14 Nov 2025. The market capitalisation grade remains low at 3, reflecting the company's relatively modest size within the Other Electrical Equipment sector.
The upgrade in grade suggests some improvement in the company’s technical and fundamental outlook, but the overall score and bearish technical signals caution investors against aggressive buying at this stage.
Sector and Industry Context
Operating within the Other Electrical Equipment industry, HPL Electric & Power Ltd faces sector-specific challenges including fluctuating raw material costs, competitive pressures, and demand variability linked to industrial and infrastructure cycles. The sector has seen mixed technical signals, with some peers showing stronger momentum and others similarly struggling with bearish trends.
Investors should weigh HPL Electric’s technical deterioration against its long-term outperformance and sector dynamics before making allocation decisions.
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Investment Implications and Outlook
The technical landscape for HPL Electric & Power Ltd suggests caution for investors. The prevailing bearish momentum across daily moving averages, weekly MACD, and KST indicators points to potential further downside or consolidation at current levels. The absence of strong RSI signals implies no immediate oversold conditions to suggest a rebound.
However, the mildly bullish weekly Dow Theory and OBV readings indicate that some underlying support exists, which could limit sharp declines. The stock’s strong long-term returns relative to the Sensex highlight its capacity for recovery and growth over extended periods, but near-term volatility and technical weakness remain concerns.
Investors with a higher risk tolerance might consider monitoring for a technical reversal or confirmation of support near the ₹355-360 range before initiating new positions. Conversely, more conservative investors may prefer to await clearer bullish signals or improved fundamental catalysts before committing capital.
Overall, the downgrade in technical trend to bearish and the modest Mojo Score reinforce a cautious stance, with the recommendation to closely track technical indicators and sector developments.
Summary of Key Technical Indicators:
- Price: ₹363.80 (down 0.68%)
- MACD: Weekly Bearish, Monthly Mildly Bearish
- RSI: Neutral (No Signal)
- Bollinger Bands: Mildly Bearish (Weekly & Monthly)
- Moving Averages: Daily Bearish
- KST: Weekly Bearish, Monthly Mildly Bearish
- Dow Theory: Weekly Mildly Bullish, Monthly No Trend
- OBV: Weekly Mildly Bullish, Monthly Mildly Bearish
- Mojo Score: 37.0 (Sell), upgraded from Strong Sell
In conclusion, HPL Electric & Power Ltd is navigating a challenging technical environment with mixed signals across timeframes. While the stock’s long-term performance remains impressive, the current momentum shift to bearish warrants prudence. Investors should consider these technical insights alongside fundamental analysis and sector trends to make informed decisions.
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